Tuesday, October 3, 2023

Argentina will move from importing to exporting banknotes around the world

It happens Argentine Mint (CMA) dedicated public company banknote printing has recently purchased a German machine which is being assembled and allows double-sided printing, unlike how it is currently done, which is one side at a time.

“This will significantly speed up the time and printability of the entity, so it will give him the possibility to provide other Central bank of the world”, explains an expert source monetary policy A scope,

In fact, as this medium learned, for example, negotiations were held with Paraguay to provide stamp to that country. However, this is still an early project because double sided emission machine The mentioned is not yet in operation. But, in a few months it will happen and Argentina will have the necessary tools to do so.

New Tickets: What About Your Departure?

Similarly, this new tool can be used to complete this year Printing of the family of new banknotes “Heroines and Heroes of the Motherland”, which is currently incomplete. Let’s remember that, in July this year, a $1,000 dollar with San Martín’s image had already hit the streets. But, as announced months ago Central Bank (BCRA)The $200 one still needs to come out, with the image of Martín Miguel de Guemes and Juana Azurduy, and María Remedios del Valle will join Manuel Belgrano in the $500 one, as the latter is the figure that appeared on that paper’s first design. It reflects. ,

The new designs will not replace the old ones, but will co-exist for some time and the replacement process will be done gradually as the old designs go out of vogue due to wear and tear.

issue and circulation It is set for this year, although it is only a few months away and very complicated months given the electoral context. That means it could take them some time, and not without the need to enforce extensions on signed contracts, according to what this outlet was able to learn. Their scheduled issuance is between July 2023 and April 2024,

Argentina Will Move From Importing To Exporting Banknotes Around The World

,The logical thing would be to print them this year to complete the family as announced especially given the fact that they are stamp Low denominations that will co-exist with so far existing designs and will not require large amounts of money to bring them into circulation”, says an expert source on the subject.

in that case, new double sided printing machine may help in expediting the departure time within the agreed between exchange house in charge of its president, Ángel Mario Aletor, and bcraThe unit was headed by Miguel Paes.

New ticket cost

He cost of printing new bank notes According to official figures, it is about 100 US dollars per thousand. Eva Perón, Martín de Güemes and Juana Azurduy and del Valle and Belgrano have a production value of US$99 per thousand, and San Martín is US$120.33.

It should be noted that the contract between BCRA and Mint are expressed in Dollar, but they get paid peso using the seller-type closing parity published in Banco Nacional on the last day prior to the effective payment date for its conversion.

totality of ticket provision contract are finished with exchange house, However, as on other occasions, it plans to partially subcontract manufacturing processes beyond the installed capacity of its plant, for which it has authorization from the BCRA. Starting to print them all locally and doing it faster can help reduce the cost of issuance.

Quality of local bank notes

CMA’s last steps seem to show that it is focused on its commitment to development monetary policy local, noting that, in addition to the new machine purchased, the fact that it has obtained certifications in ISO 37.001 Anti-Bribery and ISO 37.301 Compliance Standards is added, and it has become the only exchange house In certifying both standards around the world, which aim to identify and mitigate risks,

This also The San Martin ticket was highlighted regionally for its security measures., And the thing is that it was recognized as the best regional ticket of 2023 within the framework of High Security Printing Conference (high security printing), which was done a few months ago in Chile.

However, it is no less true that its launch was met with a lot of criticism new banknotes Because many voices consider it, Instead of replacing pre-existing designs, other designs with higher denominations have to be issued such as one between $5,000 and $10,000, given the current strong inflation, resulting in a higher nominal value of the economy.

In this sense despite repeated pressure from the market and mainly banks, who complain about the costs and logistical difficulties caused by the low nominal value of the bills (since the highest is $2,000 and the equivalent of slightly less than US is) $3.5 in the blue market), the government is reluctant to move in this direction.

Nation World News Desk
Nation World News Deskhttps://nationworldnews.com/
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