In the framework of its plan to normalize cash in circulation, the Central Bank of the Argentine Republic (BCRA) provided that the 2 peso bills currently in circulation may be replaced in their entirety by coins of that denomination. For this reason, those in possession of these notes can exchange them for coins in bank branches or deposit them in their accounts until April 30, 2018. As of May next year, the 2 peso bills will be invalid in form definitive
According to BCRA records, in the Argentine economy there are still 414 million units of this blue ticket, which shows the image of Bartolomé Miter on its back and was issued for the first time in 1992. To redeem it within the proposed term, the Central Bank has a stock of 2 peso coins to supply banks sufficiently.
Likewise, the BCRA will continue to provide 2 peso coins directly to companies and commercial chambers , by delivering drums with 100,000 coins (divided into 200 bags of 500 units), paid through bank transfers. Those interested in this service can go to [email protected] for more information.
When dealing with the lower denomination ticket, the paper of 2 pesos suffers a faster deterioration than the rest of the bills. This difficulty will be solved with replacement by coins, whose useful life is very long. As part of its plan to improve the quality of the money circulating, the BCRA began a program of destruction of damaged bills at the beginning of this year that allowed to remove from the economic circuit more than 900 million damaged or worn bills of all denominations.
The total normalization of circulating money in Argentina is a process that will take several years and that, in addition to the withdrawal of the impaired numerary, has included, among other measures, the adequacy of the family of bills to the needs of the economy, with higher values at 100 pesos, and the creation of the interbank exchange of notes through an electronic platform. This process is developed in parallel with the expansion of electronic means of payment, one of the central management objectives of the BCRA.
Source: bcra
