Changes Argentinian Currency Set for October
Changes to the Argentinian currency are set for this upcoming October. The most notable of these changes is that the largest denomination of a bill will raise from 500 pesos to 1,000 pesos.
The 1,000 peso bill will contain a design of the horneo bird, Argentina´s national emblem. The decision to include the horneo bird on the note is part of a greater effort by the Macri administration to depoliticize all bank notes by replacing images of political leaders with images of different animals native to Argentina on the bills.
This change will also be reflected in the new 20 peso bill, which will now include a guanaco. The current bill features the face of Juan Manual de Rosas, a famous historical figure in the Battle of Vuelta de Obligado.
Other changes to the currency system will include a new 5 peso coin, as a well as the introduction of a 10 peso coin. Now, the smallest denomination of paper bills will be the 20 peso.
The reason for these changes in denominations of bills and coins is to help combat the country´s current problem with inflation. In an economy with high rates of inflation, it is better to have fewer bills of higher value in circulation.
Another reason for this change is that it will help reduce the costs of Argentina´s Central Bank. By producing more coins instead of bills, the bank can lower its costs because coins have a much longer life than bills do.