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Reuters
Reuters
Business
By Eliana Raszewski

Argentina OKs new 2,000 peso bill as inflation bites, still only worth $5

FILE PHOTO: A man shows Argentine pesos outside a bank in Buenos Aires' financial district, Argentina August 30, 2018. Picture taken August 30, 2018. REUTERS/Marcos Brindicci/File Photo

Argentina will roll out a new 2,000-peso bill, the central bank said on Thursday, which would double the face value of the country's top denomination bank note, but would still only be worth $11 officially and $5 in commonly used parallel markets.

The South American country is battling one of the world's highest inflation rates, with prices climbing 95% last year, and a steady devaluation of the peso, which means Argentines and tourists often carry huge stacks of bills to make payments.

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