Argentina: Since January 2013, Peso lost 61 percent of value

Posted on May 10, 2014 • Filed under: Argentina, Economy, TRAVEL reported the Argentine currency ended trading on Friday, the first month of 2014, at 8.01 Pesos to the US dollar with an accumulated devaluation in January of 18.63%, the greatest loss in a single month since 2002. However market analysts described the situation as a depreciation ‘sustained and managed’ by the government of President Cristina Fernandez. The peso devaluation concentrated on 23/24 January when the exchange rate jumped from 6.92 to 8.0183 Pesos to the dollar with peaks of 8.40. But then the Central bank intervened and balanced the dollar exchange rate in the range of 8 Pesos. Since January 2013 when the US dollar was selling at 4.9768 Pesos the Argentine currency lost 60.95% of its value in the official market. Read Article

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