A Guide to Argentina’s Many Exchange Rates
- Controls have spawned about a dozen different exchange rates
- Argentina holds primaries on Sunday, with devaluation looming
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Argentina’s government has created a tangle of rules about who can access dollars and for what, spawning a dozen exchange rates and making an already vexing system more complicated in a bid to delay a devaluation.
Unlike every other major economy, the South American nation doesn’t have a free-floating currency. President Alberto Fernandez’s administration restricts the peso’s daily decline through a cobweb of currency controls, price freezes and import restrictions to protect dwindling dollar reserves.