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What Is the Value of an Argentine Peso? It Depends on What You're Buying

  • Government adds new currency rules, multiplying existing rates
  • Goal is to avoid devaluation even if it faces IMF opposition

In Argentina, where about a dozen different exchange rates overlap, the government is creating ever more rules about who can access dollars and for what, making an already vexing system more complicated in a bid to delay a devaluation.

Government officials on Wednesday will roll out new taxes applied to the official exchange rate for foreign travel ahead of the World Cup in Qatar next month and for locals attending concerts by artists such as British rock band Coldplay. The latest iterations come on top of recent currency rules and specific rates for the tech sector and grain exporters, piling on an alphabet soup of existing parallel exchange rates.