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.
Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
Sporting Kansas City wins the 2013 MLS Cup by beating Real Salt Lake on penalty kicks on Saturday.
The Colorado Buffaloes upset the Kansas Jayhawks with a three-pointer at the buzzer to win 75-72 in Boulder on Saturday.