Tourists Pay With Wads of Cash as Argentina Inflation Nears 100%

The problem stems from the fact that the largest denomination bill in Argentina is 1,000 pesos. At the official rate, that’s worth $6.43, but due to strict capital controls, Argentines and foreign tourists often exchange dollars at the commonly used black market rate known as “dolar blue,” where 1,000 pesos fetches just $3.44. The central bank told Bloomberg News it’s focusing on digital payment systems instead of promoting cash use.

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