Overview
- The provincial government began distributing the Chachos on Monday, August 17, with a scheduled rollout through August 24 that will give about 80,000 beneficiaries 50,000 Chachos each.
- The BOCADE notes trade at parity with the peso, are accepted by roughly 800 participating merchants, can be used to pay some provincial taxes and services, and remain valid until December 29, 2026 with a 1% recognition at maturity.
- La Rioja officials say the measure aims to boost household purchasing power and drive sales for small businesses by keeping the new money circulating inside the province.
- The relaunch drew sharp national pushback: President Javier Milei called it “PLAN PLATITA 2.0” on X, and BICE director Felipe Núñez publicly demanded Governor Ricardo Quintela’s resignation for using issuance to finance spending.
- The move follows a 2024 BOCADE experiment and comes while La Rioja remains in default on international bonds, a status that heightens concern about market perception and could affect the province’s access to credit and borrowing costs.