La Rioja begins to pay provincial salaries with the “Chachos” quasi-currency

La Rioja begins to pay provincial salaries with the “Chachos” quasi-currency
La Rioja begins to pay provincial salaries with the “Chachos” quasi-currency

Announced in January of this year, finally the Peronist governor of La Rioja, Ricardo Quintela, will begin to pay provincial salaries with the Duda Cancellation Bonds (Bocade), quasi-currencies that the province baptized “Chacho”, inspired by the leader Ángel Vicente Peñaloza.

Senior officials of the provincial Executive Branch will receive $100,000 in “Chacho” as part of their June salary. While the general director positions will receive $50,000 in the Riojan quasi-currency.

“For the rest of the workers, in the month of August we will make the single payment of a Bonus of 50 thousand pesos that will be paid in Bocade,” Quintela stated this Tuesday.

The official announcement was in January, amid protests for salary improvements for the La Rioja Police and when the governor demanded more than 9 billion pesos from President Javier Milei. “We continue to ask the National Government to send funds that they owe us this year, which is 9.3 billion pesos, to be able to grant increases, but it turns a deaf ear to this request, leaving aside the need of the provinces,” said Quitntela. at that time and presented its quasi-currency project.

Despite the announcement since it already had them printed, the province delayed putting them into circulation. Even at that time, the provincial government promoted a spot against President Javier Milei’s criticism of the issuance of the quasi-currency. “Why is Milei so afraid of the Chacho?” the spot said. It was published in the same week in which the Province reported that it could not meet debt obligations for some US$ 26.2 million, citing high inflation, devaluation and the alleged withdrawal of co-participating funds.

“I want to inform you that after an important analysis of the province’s finances, we have decided to make an increase in the settlement of the Annual Complementary Salary (half a Christmas bonus) that will be paid in the month of July, adding non-remunerative items that were previously excluded from the SAC of workers,” the provincial leader began on social networks.

“Thus we reaffirm our commitment to value the work and salary of those who provide services in the State, contributing to consumption and the economic reactivation of the province,” he continued.

But then he referred to the controversial “Chachos”, the provincial bonuses that he had announced to pay part of the salaries. “On the other hand, the circulation of Debt Cancellation Bonds will also begin in the month of July,” explained the president.

And he announced who will be the first to collect them: “The first to receive part of their salary in this way will be the highest-ranking officials; governor, vice-governor, ministers, secretaries and undersecretaries will collect 100 thousand pesos of their total salary with BOCADE , while the general directors will receive 50 thousand pesos.”

“I also request the Judicial Function, the Legislative Function and members of the Court of Accounts to implement the same measure with officials, deputies and judges of the TSJ,” said the governor.

“On the other hand, for the rest of the workers, in the month of August we will make the single payment of a Bonus of 50 thousand pesos that will be paid in BOCADE,” concluded Quintela.

What are quasi-currencies

Quasi-currencies are bonds issued by provincial governments that are added to monetary circulation along with the peso and can be used as a means of payment. With them, the State can fulfill its obligations and in some way make up for the lack of liquidity.

With the economic crisis of 2001, Lecop emerged at the national level, and Lecor, Córdoba’s version. While in Entre Ríos they had been baptized “Federal” and La Rioja had the same Bocade as now.

In turn, Corrientes issued the Cecacor; Tucumán and Mendoza issued the Petrom; Misiones, the Cemis; Formosa, Bocanfor and San Juan los Huarpes.

At the beginning of 2002, quasi-currencies reached 7.7 billion pesos, around 40% of the currency in circulation at that time. Retirements and salaries were paid with Boncafor (Formosa), Bonfe (Entre Ríos) or Bocade (Tucuman). They were accepted to pay provincial taxes.

With information from Clarín

 
For Latest Updates Follow us on Google News
 

-