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Argentina launches new payment method

Monday - 7/1/2013, 3:41pm  ET

BUENOS AIRES, Argentina (AP) -- Argentina's government is unveiling a new payment method that can be exchanged for dollars at a time when greenbacks are running short.

The government-issued Certificate of Deposit for Investment goes into effect Monday. The bonds are given in exchange for dollars that Argentines have sent abroad or stashed for safekeeping.

To be cashed for dollars, CEDIN's must be used in real estate or construction deals.

The government has made it nearly impossible to legally obtain dollars at the official rate since late 2011 to try to keep hard currency from pouring out of the country.

But that has only made Argentines more desperate for the coveted dollars. Many are increasingly turning to the black market or sending cash out of the country.


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