Messi and Maradona are in the running for a 10,000 peso note – 02/10/2023 – Market

After announcing, last week, the launch of the 2,000 pesos (R$ 55) banknote, the central bank of Argentina is considering issuing a 10,000 pesos (R$ 275) banknote stamped with the face of national team captain Lionel Messi, according to the newspaper La Nación. Inflation in the country approaches 100% a year.

Silvina Batakis, president of the Argentine Central Bank and former economy minister of the country, made the statement in an interview with Radio con Vos, from Buenos Aires. According to her, President Alberto Fernández said in an interview that the production of other banknotes is being analyzed.

Batakis addressed the economic issue in the country. “It is not possible to hide the issue of inflation behind a bill, so I understand that it is something that is being discussed in the Executive along with the Central Bank”, he stated. For her, issuing banknotes with a higher value is a “necessity”.

The country is struggling with one of the highest inflation rates in the world, with prices rising 95% in the past year and a steady devaluation of the Argentine peso. The situation causes residents and tourists to carry huge wads of cash to make payments.

When asked about the possibility of issuing a 10,000 peso note, Batakis said that the stamp needs to communicate with the hearts of Argentines, as happens with the World Cup, which they were champions. The president of BC would like to stamp the face of the player Lionel Messi, but assumes that there is also dispute to place Diego Maradona, an idol in the country.

On February 3, the government announced that it will issue a new 2,000 peso note, doubling the face value of the largest banknote in the country. The new banknote, however, would still be worth only US$11 (R$57) officially and around US$5 (R$26) in parallel markets.

The current largest bill of 1,000 pesos (R$27.50) is worth just US$2.70 (R$14) in the alternative markets that most people use to exchange currency, including through formal exchange companies. The purchase of dollars at the official rate is strictly limited.

Argentine money has lost so much value in recent years that a local artist uses banknotes to paint because they are cheaper than canvas.