Argentina has a new largest banknote, the 10,000 peso, which is five times the size of the previous top bill but still only worth around $10 as the South American country grapples with the world's highest inflation rate that is nearing 300%.

Inflation-battered Argentina on Tuesday introduced a 10,000-peso banknote, worth the equivalent of about $11 -- five times the face value of the previous biggest 2,000-peso bill.

Argentina is grappling with the world's highest inflation rate. To cope, the country's central bank just launched its biggest banknote ever – the 10,000 Peso bill. This is five times larger than the previous top denomination.