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| 15 Millones |
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| Scanned 100 Pesos |
When I was on my mission, Argentina had a terrible problem with inflation, like 300 percent annually. If you look and the millones the are marked 10,000 not a million. This is because they dropped three zeros from the back of their money to try and stabalize it. Having 13 millones was a lot of money when I started my mission. Not so much when I came home.
Dennis Lange: Inflation was 5,000% when we were there. It was crazy. In addition to inflation, the currency was being devalued faster than inflation. When people got their paychecks they would go spend their money immediately because the next day prices were higher. Nothing had a price tag because they changed prices daily. No one had savings accounts because inflation outstripped interest rates. They had just introduced the 10,000 peso bill (un millón de los pesos viejos). I think it was worth about $100 us dollars. When we left 2 years later i think it was around $1.
ReplyDeleteIt was crazy, but I thought un millon was more like $10 when we left. The 13 millones represented one months exchange which was about $160, but it was about 6 months before I came home. The good thing is changing American dollars every month we got more pesos every month. I remember a bus strike while we were there, because bus fares weren't keeping up with inflation.
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