Argentina has started selling Kohl’s promos on its national currency, the peso.
The currency is set to replace the local currency on Friday.
The peso is currently worth about 3.2 pesos ($2.32) at 8:30 p.m.
ET (2330 GMT).
Kohls Promo Exchange is the only authorized exchange in Argentina.
“Kohl’s promocupons will be available at all our retailers in Argentina for the time being,” said a spokesperson for the company in a statement.
“As of Friday, they will be fully operational and all sales will be completed by our online kiosks.”
Kohlstamp, another authorized international exchange in Buenos Aires, has also started selling the promocups on the local peso at 10:00 a.m., local time, on Friday morning.
The exchange’s official Twitter account also posted a photo of the promo kiosks with the words “Argentina” and “prima facie promocupe”.
The official Kohlpromos website also lists the date of the official launch of the pesos as August 1.
“This is a symbolic and historic day for Argentina.
For the first time in more than a century, we are moving toward a real and final currency,” the company said in a press release.
The move by Argentina to replace its local currency with the pesograding system has raised eyebrows among Argentinians, who are wary of the devaluation of the local currencies.
The country has been struggling with its economy since a 2008 global financial crisis, and the devaluations have made exports more expensive.
Argentina’s economy has shrunk by more than 20% since the start of the year.
The devaluation has also sparked fears of a run on the country’s banks, as businesses and households are unable to buy goods and services with the local money.
“We’re worried that there will be a run-up in prices,” says Ricardo Aranjuez, head of the International Monetary Fund’s Buenos Aires office.
“It’s not just the currency.
It’s the economic situation, and it’s also the social situation.”
Arianjuez is concerned that the devalued currency could prompt a run up in inflation, which has been a major concern for many Argentines.
“The devaluation will have a negative impact on the competitiveness of the economy, which will be the main driver of the inflation,” he said.
Arianjan said he will be calling Kohl to inform the exchange operator of his concerns.
The announcement comes as the Argentine government is struggling to contain the fallout from the currency devaluation.
Foreign exchange reserves at the central bank fell by $4.3 billion (US$4.2 billion) last month, the countrys largest one-day decline in nearly two years.
Officials are trying to find ways to recover from the fallout and bring inflation back down.
The central bank is also struggling to rein in the economy after the devaluating of the currency, which also led to the suspension of the country´s foreign currency reserves.
Last week, the central government announced that it had cut the exchange rate for the Argentine peso by 0.8% to 4.5% from 4.7%.
The devaluing of the dollar and the loss of control over the exchange rates have caused a number of businesses to cut their hours and lay off workers.
“I can only think that the exchange of the currencies will increase the volatility and increase the price of the commodities,” says Manuel Garcia, owner of a grocery store in the city of Santiago.
The Argentine economy is expected to contract by 1.7% in 2018.