Currencies
A Slew of Wacky Exchange Rates Are at Stake in Argentina’s Election
- Government restarted peso devaluation at pace of 3% per month
- Roughly a dozen parallel rates co-exist with capital controls
Exchange rates displayed at a Sur Cambio currency exchange store in Buenos Aires.
Photographer: Anita Pouchard Serra/BloombergThis article is for subscribers only.
A mishmash of exchange rates for Argentina’s chaotic currency system are hanging in the balance as the nation prepares to choose its next president.
Libertarian candidate Javier Milei has vowed to do away with the peso — and the myriad of exchange rates — by adopting the US dollar. His rival, Economy Minister Sergio Massa, has embraced capital controls and revived a plan to devalue the peso — at a pace of 3% per month.