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 August to pay July salaries.
The govenor, however, clarified that the quasi-currency won’t be used to cover the year-end bonus. “Maybe they could be used for an increase,” he said.
Despite the stir caused at the time, the “Chachos” circulated for only six months — from mid-2024 to December of that year.
