Just whats the answer to Argentina’s coin shortage
After over a year Argentina is still facing a shortage of coins. But the Chinese market stall owners have come up with a idea to get round this- printing up their own money.
The Argentine Chinese-Owned Supermarket Chamber, which is connected to 5,700 of the markets throughout the whole of the country has had the idea of handing out tickets to customers when the change runs out. The plan from this scheme is to maintain customer loyalty throughout the country and save the chain around $120-$160 dollars a week. This is from the illegal coin holders that have sprung up across the country ever since the shortage happened last year. This black market is thriving at the moment, as these coin holders will travel across the city to supply their customers, with interest rates of 15%.
With the state of the current economy it has been not that people dont have the money so much as the dont want to spend it. Rather than spending they have been saving. The same thing is happening in Argentina -except people having started hording their coins so they dont get caught short, and therefore causing the coin shortage. The government minted millions of more coins to try and solve the crisis, only to see people start hording the coins. In Argentina the coins go mainly towards paying for transport, where a new prepaid card system has been introduced to try and keep the coins in circultaion. This was also put in to stop the 3% interest fee that bus companies were charging to exchange and ‘dispose’ of the coins.
Normal 0 false false false EN-US X-NONE X-NONE MicrosoftInternetExplorer4
Check out our reviews:
FAP Turbo Review
Forex Megadroid Review
Forex Autopilot Review
Is there light at the end of the tunnel for the countries money problem? The recently minted 136 million new coins being minted and a new prepaid card travel system are hoped to help ease the problem. We could be seeing the country starting to pull themselvers out of this hole.
Go here to exchange foreign coins or to have cash conversions
From The Archive
