Political Risk Latin America Blog @PolRiskLatam

Argentina Buys More Pesos From Brazil as Bills Disappear From Banks, ATMs

Posted in News and Articles, Political Risk by politicalrisklatam on January 11, 2011

by Eliana Raszewski for Bloomberg News, January 11th, 2011.

A shortage of bills that has led to lines and protests outside Argentine banks since mid-December may be resolved by next week after the country boosted imports of notes printed in Brazil.

“We believe this week we’ll normalize the situation in the biggest banks and the network of ATMs and we hope to have the situation totally normalized by next week,” said central bank Vice President Miguel Angel Pesce, in an interview today with Radio La Red.

Argentina will import an additional 3 billion pesos ($750 million) in 100-peso notes from state-owned mint Casa da Moeda do Brasil, central bank President Mercedes Marco del Pont said yesterday. Argentina originally signed an accord in November with the Rio de Janeiro-based mint to produce 130 million 100- peso notes.

Argentine banks have struggled since last month to provide enough bills to customers during the peak holiday season. Provincial bank Banco de Cordoba SA last week asked the local government to let it pay public workers’ salaries in two installments in order to meet demand for bills. (continue reading… )

 

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  1. […] This post was mentioned on Twitter by Gladys Bensimon. Gladys Bensimon said: RT @PolRiskLatam: #Argentina Buys More Pesos From #Brazil as Bills Disappear From #Banks, ATMs by @BloombergNews http://bit.ly/hGnFAI #P … […]


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