Coin Year
Do Chinese market owners have the answer to Argentina’s coin shortage?
After a year of coin shortages in Argentina this is still a problem facing the country. There may be a way around this that the chinese have come up with: printing their own money.
Chamber, the Chinese owned supermarket brand in Argentina which has connections to most of the markets throughtout the country is giving customers money vouchers when the change in thier tills runs out. Chamber is using this as a plan to retain brand loyalty with the company in the country and save the chain money from allowing them to make less trips to illegal coin holders. This is from the illegal coin holders that have sprung up across the country ever since the shortage happened last year. Argentina’s coin black market is big at the moment, with the coin holders charging rates of 15% and travelling across the city to supply their customers.
With the whole world in the grip of a recession it is more the fact that people dont want to spend the money, as opposed to not having any. Instead of spending the money they’ve decided to save it. The same thing has been happening in Argentina -except people are hording the coins, causing the stores to run out of change. The Argentine government has put millions upon millions of coins into circulation to try and solve the problem, only to see the coins being horded. The coins are mainly used for the transportation system, which has recently introduced a ticketing system that has costs $57 million to implement to try and keep the coins in circultaion. This is one of the methods that the government have put into place to stop the transportation companies charging a 3% interest rate for the service of coin ‘disposal’.
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Is there light at the end of the tunnel for the countries money problem? Putting in the new prepaid card system for transport, and the recent newly minted 136 million new coins in the first three months this year. It may be the beginning of Argentina beginning to crawl out of it.
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