Argentina Introduces 2,000 Peso Banknote. It’s Worth About $4

https://www.bloomberg.com/news/articles/2023-05-22/argentina-introduces-2-000-peso-banknote-largest-denomination-is-worth-4

by mfiguiere • 3 years ago

24 15 3 years ago

bloomberg.com

WhereIsTheTruth2• 3 years ago

I wonder if their economy has an impact on the price of lithium and whether or not this was made on purpose to counter China's plan, if so, then by whom and how?

I still find it hard to believe that they reached triple digit inflation, especially now that COVID is in the past..

That reminds me of DRC Congo, lot of gold, yet a very poor country, at the mercy of foreign interests

boeingUH60• 3 years ago

That reminds me of RDC Congo, lot of gold, yet a very poor country, at the mercy of foreign interests.

No, at the mercy of inept and foolish local politicians that foreign interests take advantage of.

WhereIsTheTruth2• 3 years ago

That's true, that's perhaps what I should have wrote

20after4• 3 years ago

According to [1] they may be not so much inept as heavily coerced under threat of violence.

[1]. Confessions of an Economic Hit Man by John Perkins https://en.wikipedia.org/wiki/Confessions_of_an_Economic_Hit...

jeromegv• 3 years ago

Inflation has been going on for decades way before lithium was a factor. Covid is not what caused it.

baremetal• 3 years ago

Inflation has run at ~2-3% since the 1990's.[1] And according to that chart, inflation took off in 2020. You might want to check your reasoning on this issue.

[1]https://fred.stlouisfed.org/series/FPCPITOTLZGUSA

Jtsummers• 3 years ago

https://archive.is/CylSl

fauxpause_• 3 years ago

I was thinking of going to Argentina later this year. Would that be a bad idea?

tbihl• 3 years ago

As I understand, the economy mostly runs on gray market US currency (gray market because the Argentine government doesn't acknowledge real exchange rates and sometimes takes capricious action against US currency use.)

tomwheeler2• 3 years ago

There is the official exchange rate set by the government and a number of other rates for various purposes.

The two of relevance to someone visiting from the US on vacation are the "blue dollar" (a black market exchange rate that's basically double the official rate) and the MEP rate (exchange rate used by some, but not all, purchases on American credit cards).

You can read more about these here (https://solsalute.com/blog/money-in-argentina-currency-excha...).

tomwheeler2• 3 years ago

I went to Buenos Aires on vacation earlier this year (late February / early March). I had a wonderful time and would have no hesitation about going back.

There were a few annoyances, such as the different exchange rates and it being nearly impossible to buy a subway pass, but otherwise no more challenging than anywhere else.

beckingz• 3 years ago

Highly recommend it.

ss108• 3 years ago

Friend of mine went last month, seemed to have no issues.

memetcn• 3 years ago

In Turkey, our largest denomination banknote is 200 TRY. It was launched in 2009 and was equivalent of 130 USD back then.

Right now it's equal to 9,3 USD.

High inflation is a horrible thing to go through.

tibbydudeza• 3 years ago

How do people survive ???. I know in Venezuala people barter and trade used good bypassing the formal economy.

Argentina Introduces 2,000 Peso Banknote. It’s Worth About $4

Related Stories