LECOP

The LECOP was a bond issued by Argentina national government. LECOP (sometimes written as a common word, Lecop), stands for Letra de Cancelación de Obligaciones Provinciales ("Letter of Cancellation of Provincial Obligations").

These bonds were circulated at a substantial discount from their face value, so anybody accepting was bound to experience devaluation (or inflation). While LECOPs were intended as a means to replace legal currency (Argentine pesos) at a time when cash was scarce, there were occasions in which LECOPs were not accepted as valid means of payment -- most notably, most taxes could only be paid in pesos, or only partly paid in LECOPs. Public utility companies generally restricted the percentage acceptable to a 70-30 ratio, sometimes further limiting LECOP usage to 15% of the total bill.

Other complementary currencies in Argentina at that time where the Crédito, the Patacón and the Argentino.

This article does not cite any external source. HandWiki requires at least one external source. See citing external sources. Please help improve this article. Unsourced material may be removed in future.
Find sources: "LECOP" – news · newspapers · books · scholar · JSTOR (2021) (Learn how and when to remove this template message)

|

0.00

(0 votes)

|

Retrieved from "https://handwiki.org/wiki/index.php?title=Finance:LECOP&oldid=4200545"