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Saturday, February 4, 2023

The appointment of Ángel Mario Elettore as head of the Mint is made official

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Elettore was Minister of Finance of the province of Córdoba between 2003 and 2015, during the administration of José Manuel de la Sota and also held the position in the first term of Juan Schiaretti as head of that governorate. He is an accountant graduated from the National University of Córdoba and works as a consultant.

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It should be mentioned that the Mint It is the State company that prints banknotes and other public documents. Gabrielli’s resignation was given, according to the official statement, for personal reasons, but it transpired that Massa was not satisfied with his management after knowing the results of 2022. Thus, Elettore is left with a great challenge ahead, to improve the performance of his predecessor. and conform the minister within the framework of an election year.

Are the new bills advancing?

The Government would be in “talks” to launch a highest denomination bill It could be $5,000 or $10,000.

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Inflation is a problem in economic terms but also in practical terms: according to journalist Nicolás Gadano, during 2022 the Central Bank put 1,419 million $1,000 bills into circulation, where 75% of the circulation is represented by these bills.

In the Senate of the Nation there is a project to create banknotes with higher denominations. The person in charge of putting up the idea was Beatriz Ávila, a legislator from Tucuman for Together for Change.

The senator presented a project for the Ministry of Economy to encourage the Central Bank of the Argentine Republic and the Casa de la Moneda, issue bills of 2 thousand, 5 thousand, 10 thousand and 20 thousand pesos.

The rationale offered by Ávila was that in 2022 “the highest inflation in 30 years was registered in the Argentine economy.”

The legislator, among the reasons for her presentation, He remarked that a 100-peso bill in 2019 today is equivalent to a total of 586 pesos “due to the inflationary effect.” He did the same with the baker’s bill: “A $1,000 bill should be a $9,000 bill adjusted for inflation.”

“Today the highest denomination bill, the $1,000 (one thousand pesos) bill, has only 18% of the purchasing value it had in 2017, when it was put into circulation, at that time, it had a purchasing power five times higher. to the current one”, remarks the opposition senator.

Ávila recalled that in the last 50 years the Argentine currency suffered the removal of 13 zeros and in the event that this exit is chosen, with the elimination of 3 more zeros, each digit removed would mean a “1000% devaluation”.

“This drop in the nominal and real value of the peso is reflected in the fact that the current highest denomination banknote in Argentina is the second among those with the least value, in dollars, in the entire region,” Ávila concluded.

Source: Ambito

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