Economics
Peso Drops 30% as Macri Propels Argentina Into New Currency Era
- Currency plunged as weak as 13.95 per dollar in early trading
- Free float seen as key part of Macri's plan to spur growth
Argentina's Macri Fulfils Free-Floating Peso Pledge
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Argentina’s peso tumbled as much as 30 percent as newly inaugurated President Mauricio Macri fulfilled his campaign promise of letting the currency float freely.
Macri’s push for a devaluation was a key part of the economic overhaul he says is needed to lure investment and jump-start an economy suffering from lackluster growth, inflation estimated at 25 percent and a shortage of dollars. The decline brought the official rate closer in line with where the peso had been trading in unregulated markets.