Argentina province creates its own currency, the chaco

Bloomberg (gated) had the report of a poor region of Argentina introducing its own currency, the chacho.

• province of La Rioja
• its governor, Ricardo Quintela, created the province’s own currency, the chacho
• given out in lumps of 50,000 to all government employees as a ‘bonus payment’
• a gas station in the provincial capital city had business jump by 10% on the morning the chacho was distributed

While Bloomberg is gated, here is the link if you can access it.

This article was written by Eamonn Sheridan at www.forexlive.com.