The main reason is the cost, since printing abroad is cheaper than printing in that entity. Its workers will be given vacations.
He Central Bank He made a decision that was both political and economic, as well as symbolic: will no longer issue banknotes at Casa de Moneda. The main reason is the cost, since printing abroad is cheaper than printing in that entity.
The BCRA’s decision, confirmed by official sources to Ámbito, was to terminate a contract for the printing of $1,000 and $2,000 bills. The machines will be turned off from 10 p.m. this Monday and the staff will have vacations until the end of the year.
These are orders that have been delayed since 2021, 2022, and 2023. And their cost of producing in Argentina is also higher than that of importing the banknotes. The company China Banknote Printing and Minting Corporation (CBPMC) would be one of those interested in bidding for the business, although there would also be companies from the US and Europe.
It happens that in an increasingly fintech world there is more idle capacity for printing tickets. But in addition, the BCRA believes that the amount of paper in circulation of $1,000 and $2,000 is sufficient because what is needed is of a higher denomination.
With this measure the Mint receives a hard blow. The Government had already announced its intention to close the public printing press that was created in 1875, during the administration of Nicolás Avellaneda. For the moment it will continue to operate with the preparation of passports and vehicle licenses.
Source: Ambito
