Argentina: deputy presents proposal to cut two zeros from peso
According to the proposal, the Central Bank of the Argentine Republic (BCRA) would issue currencies that would have parity with the current 100 pesos.
Opposition deputy Gerardo Milman presented a bill in the Argentina to remove two zeros from local weight, a measure that would be taken due to inflation in the country. According to the proposal, the Central Bank of the Argentine Republic (BCRA) would issue currencies that would have parity with the current 100 pesos.
According to the project, the current banknotes in circulation would continue to be valid, but the hundredth part of the weight would be denominated “centavo”. Thus, the notes would be valid until the BCRA determined.
On his Twitter, the deputy wrote that with the current banknotes in circulation, “you can buy fewer things every day. That’s why I presented a bill to remove two zeros from the Argentine peso”.
Currently, the largest ticket in force in the country has a value of 1,000 pesos, something that is criticized by Milman. Last week, the government of President Alberto Fernández announced a series of new banknotes that will enter into circulation, but did not change the currency values in force. “The government decided to change the images of our currency without advancing in the issuance of higher-value notes,” Milman said.
Consumer inflation in Argentina jumped 58% in April compared to the same month in 2021. The result represents an acceleration in relation to the annual increase of 55.1% recorded in March. The current Argentine peso has been in force since 1991, when it was applied to replace the Austral.