To counter inflation.. Argentina issues a new banknote of 2,000 pesos

Argentina's central bank has confirmed that it will issue a new 2,000-peso banknote in the quickest response to rising inflation.

BCRA Bank will issue the new banknote - worth $11 (£9) - as customer rates jumped nearly 95 per cent in the 12 months to the end of December, marking the fastest pace of inflation in the country since 1991.

largest peso coin

The largest peso coin currently is the 1,000 peso, with a value of just $2.75 on the international markets.

BCRA Bank said in a tweet that the new banknote "will commemorate the development of science and medicine in Argentina."

The central bank confirmed that the coin has the images of pioneering doctors Cecilia Grierson and Ramon Carrillo, although there is no further information on the history of circulation.

Financial crisis

The Argentine currency was first pegged to one US dollar in 1992. In the aftermath of the financial crisis, however, the initial fixed exchange rate regime was abandoned after Argentina plunged into a financial crisis in 2001 and 2002.

The price hike was attributed to the influx of money printing from the Central Bank, as well as the war in Ukraine.

The International Monetary Fund (IMF) approved another $6bn (£4.9bn) in bailout money in December for South America's second-largest economy.

  The country already owes more than $40 billion to the International Monetary Fund.

Economic turmoil

The country saw three economy ministers in the space of four weeks last summer, in a sign of the complex nature of the economic turmoil the country is facing.

The central bank raised the key interest rate to 75 percent as it tried to rein in the rising cost of living.

  Argentina faces some of the highest levels of inflation in the world, with rates exceeding 70 percent.