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20 Pesos
| Issuer | Provincia de Corrientes |
|---|---|
| Year | 2000 |
| Type | Log in to see details |
| Value | 20 Pesos (20 ARS) |
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|---|---|
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| Reverse description | The reverse is entirely typeset in dark brown letterpress on a pale guilloche background, reproducing selected articles of the enabling legislation authorising the CECACOR instrument. A vignette of an orange-tree branch with fruit, rendered in brown line engraving, is placed at the lower right corner as the sole pictorial element. The text is arranged in clearly delineated horizontal panels separated by dotted rules. |
| Reverse lettering | CERTIFICADOS DE CANCELACION DE OBLIGACIONES DE LA PROVINCIA DE CORRIENTES (CECACOR) DECRETO - LEY N° 1/99, 34/00 y DECRETO N° 1236/00 Articulo 28°.- Autorizase al Poder Ejecutivo a emitir certificados de cancelación de obligaciones hasta la suma total de pesos CUATROCIENTOS MILLONES ($400.000.000.-). Los Certificados se denominarán "Certificados de Cancelación de Obligaciones de la Provincia de Corrientes", en adelante "CECACOR". Articulo 29°.- Los CECACOR se emitirán en una o más series, a saber: b) Hasta la suma de PESOS DOSCIENTOS CINCUENTA MILLONES ($ 250.000.000) que el Poder Ejecutivo podrá emitir en Serie "B" u otras series sucesivas, con plazo de vencimiento a los dieciocho meses (18) de la fecha de emisión de cada una de las series, las que devengarán un interés anual del siete por ciento (7%). El pago del interés se efectuará conjuntamente con el Capital al vencimiento del plazo señalado. Artículo 31°.- El pago efectuado al acreedor mediante los CECACOR, importará la extinción irrevocable. Artículo 32°.- El Poder Ejecutivo podrá rescatar anticipadamente la totalidad o parte de los CECACOR que se encuentren en circulación. La reglamentación establecerá el procedimiento de rescate. En ningún caso el rescate anticipado podrá efectuarse sobre la par. Artículo 34°.- Los CECACOR podrán ser utilizados por sus tenedores para la cancelación de obligaciones, cualquiera fuere su naturaleza, con el Estado Provincial, Entidades Autárquicas y Empresas. (Translation: CERTIFICATES OF CANCELLATION OF OBLIGATIONS OF THE PROVINCE OF CORRIENTES (CECACOR) / DECREE-LAW No. 1/99, 34/00 and DECREE No. 1236/00 / Article 28: The Executive Power is authorised to issue certificates of cancellation of obligations up to a total of FOUR HUNDRED MILLION pesos ($400,000,000). / Article 29: The CECACOR shall be issued in one or more series... Series B up to TWO HUNDRED FIFTY MILLION PESOS, maturing in eighteen months, bearing annual interest of seven percent (7%). / Article 31: Payment made to a creditor by means of CECACOR shall constitute irrevocable extinction. / Article 32: The Executive Power may redeem in advance all or part of the CECACOR in circulation, but never above par. / Article 34: CECACOR may be used by their holders to cancel obligations of any nature with the Provincial State, Autonomous Entities and Companies.) |
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| Comments |
Corrientes province issued its own currency in 1991 after the national government's convertibility plan created severe liquidity shortages at the provincial level. These quasi-monedas — locally called "bonos" — circulated alongside federal pesos because the province simply lacked the cash flow to meet its payroll obligations. By 2000, several provinces were in the same position, each running parallel scrip economies that the Banco Central tolerated uneasily.
The Casa de Moneda's involvement gave the notes a more polished physical finish than many comparable provincial issues from smaller provinces, which were printed on commercial offset presses with far less security infrastructure. Corrientes bonos were formally withdrawn after the 2002 national crisis forced a negotiated redemption of all provincial quasi-monedas.