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Banks in Argentina Need More Vault Space to Store Piles of Pesos
Posted
January 27, 2023
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1:59Now PlayingArgentina’s peso bills are depreciating so quickly as inflation approaches 100% that banks are running out of space to store bank notes.
Banks in the crisis-prone economy, including Banco Galicia and the local unit of Spain’s Banco Santander SA, are installing more vaults to store bank notes at a time the largest denomination bill is worth less than $3, according to people familiar with their plans. Just last week, a business chamber in Buenos Aires called on the central bank to start printing larger-denominating bills to tackle the increasing problems of transacting with an ever-greater number of bills.
The central bank has so resisted the calls to print a bill with denomination of more than 1,000 pesos, which on Wednesday was only worth $2.65 when valued at commonly-used, informal exchange rates. With prices rising by nearly triple digits at an annual pace, the dilemma has left Argentines withdrawing dozens of bills at ATMs for ordinary amounts, while tourists often carry wads of cash.
For banks, which have to transport the cash to bank branches and ATMs, that also opens unique space challenges.
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