The average Argentine has more U.S. dollars in cash than the average American. And it’s all because Argentina’s inflation rate is currently 140%.
That’s right. Approximately 10 percent of all physical U.S. currency (about $200 billion) circulates in Argentina. Divide that by Argentina’s population of 45 million, that’s $4,400 in cash for the average Argentine, which is impressively more than the average $3,100 for every American.
And the reason Argentines are hoarding U.S. cash right now is because inflation is absurdly high, and the Argentinian peso has dropped 90% against the U.S. dollar in the past five years.
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