La Rioja relaunches ‘Chachos’ bonds to boost local economy

The government of La Rioja, Argentina, is relaunching the Debt Cancellation Bonds (BOCADE), popularly known as ‘Chachos’, to stimulate the local economy and mitigate the loss of purchasing power. Starting Monday, August 17, the program will provide an extraordinary aid of 50,000 Chachos to approximately 80,000 beneficiaries, resulting in a total injection of 4,000 million pesos into the provincial economic circuit.

Governor Ricardo Quintela stated that the decision to reintroduce the quasi-currency is a response to the current economic context, specifically citing the lack of national fund transfers and the impact of devaluation. The bonds will maintain a one-to-one equivalence with the peso and will be available in denominations ranging from 1,000 to 50,000 Chachos.

Beneficiaries include provincial public administration employees, state-linked workers, retirees, pensioners from security forces, war veterans, and recipients of various social programs. The payment schedule will run from August 17 to August 24, organized by the last digit of the recipients' national ID (DNI).