Argentine inflation has the country printing money in France, Malta, Spain, China and Brazil

Argentine inflation has the country printing money in France, Malta, Spain, China and Brazil

The explosive inflation situation in chaotic Argentina, close to 120% in twelve months, with the CPI at 7,7% in March ( and roaring during the three weeks of April) is showing that the country is incapable of supplying the necessary demand for bills and thus must appeal to the printing in foreign mint houses, of billions of Argentine bills.

The explosive inflation situation in chaotic Argentina, close to 120% in twelve months, with the CPI at 7,7% in March ( and roaring during the three weeks of April) is showing that the country is incapable of supplying the necessary demand for bills and thus must appeal to the printing in foreign mint houses, of billions of Argentine bills.

Argentina’s Mint House, which is responsible for printing the bills has ordered bills from its similar from France and Malta, who have also subcontracted Spain, China and Brazil.

Argentina’s note of highest denomination is the one thousand bill, which was first launched in November 2017, during the administration of former president Mauricio Macri and which at the time was equivalent to US$ 57, but currently US$ 4,47 at the official rate, and US$ 2,35 in the street or blue market.

Precisely the Argentine Mint House is opening a bid next May 2nd for eight cargo flights from Malta, six from France and another by sea from Rio, Brazil. However because of confidentiality reasons the Argentine Mint House is banned from revealing values and volumes of its contracts and shipments.

“The two open bids from the Mint House for the transport of bills from Europe respond to the need to comply with commitments and contracts agreed with the Central Bank,” pointed out sources from the Mint House.

This year also the Argentine Central bank will be launching an even higher value bill, 2,000 Pesos (currently equivalent to US$ 48 at the official exchange rate) in an attempt to face the ever increasing inflation and loss of value of the Argentine Peso.