Argentina introduces larger bank note amid galloping inflation

BUENOS AIRES, Argentina (AP) — Argentina has put a new 2,000-peso bill into circulation as the country continues to endure one of the world’s highest inflation rates that has decimated the value of the local currency. The new bank note is worth double the previous highest bill in circulation, but is still worth only $8.21 at the official exchange rate and $4.08 at black-market rates. Stringent capital controls mean that access to the official foreign exchange market is extremely limited, and the peso is worth far less in parallel markets. With an annual inflation rate that hit 109% in April, retail businesses and banks have been complaining about the difficulties of operating when the highest bill in circulation is of such little real value.