Argentine province issues its own currency named Chachos
![Argentine province reintroduces its own currency: MercoPress 1 Large-denomination Chachos might come in more handy for hefty transactions](https://en.mercopress.com/data/cache/noticias/100343/760x480/chachos.jpg)
Large-denomination Chachos might come in more handy for hefty transactions
The province of La Rioja in Argentina has introduced a pseudo-currency called Chachos to settle debts within its territory. One Chacho is equivalent to one Argentine peso. Chachos will be used to pay part of public workers’ salaries and cover provincial expenses. The provincial government decided to issue AR$ 15 billion worth of Chachos due to the federal government’s delay in sending funds.
With denominations of 1,000 to 50,000 Chachos, these notes may be more beneficial for large transactions compared to the Argentine peso. The circulation of Chachos is expected to boost the local economy by promoting consumption. Businesses in the province are required to accept Chachos at face value without any surcharge.
In a historic move, La Rioja’s decision to issue Chachos has garnered attention and support from President Javier Milei. Despite constitutional limitations on currency issuance, provinces like La Rioja have utilized similar methods during economic crises in the past.