New highest-denomination bill is officially worth only $8.50 and just over $4 on parallel markets with inflation on course for 130%
Argentina’s new 2,000-peso bill, the largest denomination note, went into circulation on Monday, though due to fast depreciation of the currency it is worth only $8.50 at the official exchange rate and just over $4 in commonly used parallel markets.
The peso has shed about a quarter of its value against the dollar this year despite strict capital controls that slow its fall. Most Argentinians buy dollars in unofficial markets where they trade at over 480 pesos versus the official rate of 235.
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