Two of Latin America’s biggest economies are pushing for cash to be deposited in banks en masse in a bid to boost the formal economy, though progress remains scant so far.

Argentinians, scarred by numerous bank runs, have long stashed cash outside the formal economy: The country’s economy minister estimates as much as $200 billion — roughly a third of the country’s GDP — is “sitting under mattresses.” Though deposit rates have risen since President Javier Milei declared a “cash amnesty,” financialization rates remain paltry, experts said.

And in Mexico, huge numbers of newly issued bank accounts remain in disuse, with significant downstream effects: “Cash is the vicious cycle that fuels everything from tax evasion to illicit activities,” an expert told Bloomberg.