The Argentine peso dropped more than 10% against the dollar in the past week, rising from less than 400 per dollar on the informal blue rate to more than 440 on April 21. The reason for the sudden spike had to do with the weakness of the Argentine government regimen, which has been unable to stem the rise in inflation, which hit more than 100% in March, the highest of any country in Latin America.

The chaotic Argentinian explosive inflation situation, posting over 12 months close to 120%, March CPI up to 7.7% (revisiting three stormy weeks in April) shows that the country cannot cope with its financial challenges again, so it needs to solve the problem with banknotes by printing billions pesos in foreign mints.

The Argentine Mint, which prints the banknotes, has ordered notes from similar mints in France and Malta, which are also subcontracted to Spain, China and Brazil.

Argentina's highest denomination note is the 1000 pesos, first introduced in November 2017 during the administration of former President Mauricio Macri, it represented an equivalent to 57 dollars at the time, but the current official exchange rate is 4.47 dollars, 2 dollars, 35 dollars when referred to black market (street) rates.

The country currently has $2 billion in foreign exchange reserves, a small sum compared with those of Brazil, whose economy is five times the size of Argentina, which has about $350 billion in reserves. That has prompted Argentines to buy dollars to avoid the depreciation of the peso, with many Fx analysts forecasting prices above 500 pesos per dollar later this year.