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The Argentine peso has fallen to a record low

Octobre, 11 2023

The Argentine peso currency has lost 10% of its value in the unofficial market of the country, where the exchange rate was 1050 pesos for $ 1.

One of the presidential candidates, Javier Miley, suggested that citizens abandon savings in pesos, suggesting instead to introduce the dollar into official circulation. According to Miley, «the peso is unsuitable even as a fertilizer.» After these words, the Argentine peso collapsed in a pair with the US dollar.

Nevertheless, not all political leaders of the country support full dollarization of the economy. The official exchange rate set in Argentina since August is 365 pesos per $ 1. Most of the population hopes that the country will be able to keep the peso, while maintaining monetary autonomy and the competitiveness of its exchange rate.

If Argentina completely switches to the dollar, the management of its monetary policy will actually pass to the US Federal Reserve System.

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The Argentine peso has fallen to a record low

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