Argentina has one of the world's highest annual inflation rates at more than 25 percent, according to private forecasts that more than double the rate reported by the government.

Producing banknotes in bigger denominations than 100 pesos, currently the biggest, would signal an acceptance of the soaring prices.

So while consumers are being forced to use more bills to pay for the same products, complaints of shortages have surged over the busy holiday period — when demand for cash grows, especially in densely-populated Buenos Aires province.

"It's been tough for all of us to take out money," Carlos Fanjul, an opposition politician from the provincial capital of La Plata told Reuters. "You have to wait three or four hours at any cash machine and sometimes you can't even get cash."

The lack of banknotes even forced the central bank to ask Brazil's mint to issue more than 10 billion pesos.

A central bank spokesman said the Argentine mint has "technical limitations" to issue bills, linking the shortages to holiday demand. Cabinet Chief Anibal Fernandez said the scarcity of notes was being resolved.

"My understanding is that the issues should be resolved over the weekend," he told local television.

But some economic analysts say the cash shortage is directly linked to the rise in consumer prices.

"This is happening because the government doesn't want to come clean (on inflation) by printing a new bill," said Ramiro Castineira, an economist at the Econometrica consultancy.

Opposition lawmakers have also called for bigger bills.

"I sent the central bank a letter asking if there were any plans to print new, larger denomination bills," said congressman Alfonso Prat Gay, adding that he had not received a response from the monetary authority.

Argentina's economy is growing briskly, but surging consumer prices are a headache for President Cristina Fernandez, eroding Argentines' purchasing power and the competitive advantage that a weak peso gives exports.

Economic analysts expect prices to rise at a similar rate this year, forcing consumers to use more banknotes and coins to pay for the same pound of rice or gallon of gasoline.

"Next year it will be out of control," Castineira said. "With inflation at more than 25 percent, we're not only going to need help from Brazil's mint, but from Chile's and Colombia's too."