Argentina launches new payment method - WAOW - Newsline 9, Wausau News, Weather, Sports

Argentina launches new payment method

Posted:
BUENOS AIRES, Argentina (AP) -

Argentina's government is unveiling a new payment method that can be exchanged for dollars at a time when greenbacks are running short.

   The government-issued Certificate of Deposit for Investment goes into effect Monday. The bonds are given in exchange for dollars that Argentines have sent abroad or stashed for safekeeping.

   To be cashed for dollars, CEDIN's must be used in real estate or construction deals.

   The government has made it nearly impossible to legally obtain dollars at the official rate since late 2011 to try to keep hard currency from pouring out of the country.

   But that has only made Argentines more desperate for the coveted dollars. Many are increasingly turning to the black market or sending cash out of the country.

Powered by WorldNow
All content © Copyright 2000 - 2014 WorldNow and WAOW. All Rights Reserved.
For more information on this site, please read our Privacy Policy and Terms of Service and Mobile Privacy Policy & Terms of Service.

Persons with disabilities who need assistance with issues relating to the content of this station's public inspection file should contact Chief Engineer Russ Crass at 715-842-2251. Questions or concerns relating to the accessibility of the FCC's online public file system should be directed to the FCC at 888-225-5322, at 888-835-5322 (TTY) or at fccinfo@fcc.gov.