La Rioja Governor Ricardo Quintela announced that his administration will once again issue quasi-currency to fund upcoming wage increases. The news comes as the provincial economy remains in default with international markets and faces a squeeze in federal revenue transfers.

In 2024, La Rioja issued quasi-currency for the first time in more than 20 years. The bonds were officially called Debt Cancellation Bonds (in Spanish, BOCADE) but were quickly nicknamed Chachos, a reference to Ángel Vicente “Chacho” Peñaloza, the 19th-century Riojan leader whose image appears on the bill.

Quintela acknowledged on Wednesday that the province is having “difficulties” raising the funds to pay the year-end bonus but insisted that they would pay it. Asked by reporters, he confirmed that “the Chachos were back” and that they could be used starting in........

© Buenos Aires Herald