The US dollar is trading today at 184.49 interbank Argentine pesos on average, which represented a change of 0.07% compared to the 184.36 interbank Argentine pesos of the previous session.
In relation to the profitability of the last seven days, the American dollar it marks an increase of 0.77%, so that in year-on-year terms it still maintains an increase of 56.59%.
Regarding past dates, accumulate two consecutive sessions on the rise. The volatility of the last seven days presents a lower behavior than the volatility shown by the figures of the last year, therefore it is having a more stable behavior than expected in recent times.
Diagnosis of the Argentine peso
It is the legal tender in the country since 1992, this after it replaced the austral. Also known as “convertible peso”, due to its parity with the dollar that was later “broken” in 2002 due to a law initiative.
In recent years, the Argentine peso has been severely affected and has undergone a series of devaluations: during Néstor Kirchner’s term, it devalued 9%, going from 2.87 to 3.13 pesos per dollar; a second episode came in the administration of Cristina Fernández de Kirchner, when the currency lost its value by 211% and went from 3.13 to 9.74 pesos per dollar.
Later, on December 17, 2015, one week after Mauricio Macri became president, the Argentine peso devalued 42% and went from 9.83 to 13.95 pesos per dollar.
The economy of Argentina, the third economic power in Latin America, is going through a critical moment for this election year; a scenario that remains uncertain.
During 2022, the fiscal deficit was high and the monetary issue to finance it contributed to accelerating the inflation rate, which was even above 99%, showing macroeconomic imbalances that limit the sustainability of economic growth.
At the beginning of 2022, the Argentine government reached an agreement with the International Monetary Fund for a new Extended Facilities Program, which allows the country to postpone its maturities with the organization and strengthen its short-term reserves. Among the commitments assumed is the goal of consolidating its control, reaching a balance by the year 2025.
After a turbulent year, with strong exchange rate tension and where there were three Economy Ministers, the current government faces various challenges such as the jump to dollars, the increase in the economic gap, the upcoming presidential elections, debt maturities and more.
According to the Economic Commission for Latin America and the Caribbean (Cepal), by 2023 the country’s Gross Domestic Product (GDP) will barely grow one percent.
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