MercoPress. South Atlantic News Agency

Argentina accepting other currencies besides pesos

The measure is however optional; pesos remain the legal tender

Effective Friday, Argentines will be allowed to fill out price tags in the currency of their choice (most likely US dollars), the Central Bank (BCRA) announced Thursday, in what has been regarded as a first step towards the dollarization of the economy, one of President Javier Milei's electoral promises.

“As from tomorrow, the prices of goods and services may be displayed in US dollars or in another foreign currency, in addition to being shown in pesos, indicating the total and final amount to be paid by the consumer,” Economy Minister Luis Toto Caputo explained on X

As per the new measure, stores must state the price per unit of measure and ensure that the value displayed on the shelves coincides with the amount charged at the cash registers.

To this end, the BCRA also cleared the way for payments in dollars using debit cards. “These measures seek to equalize the efficiency of the different means of payment both in pesos and dollars, boosting the use of payment instruments in dollars for commercial transactions,” the BCRA said in a statement. QR methods have also been enabled. These measures seek to “allow individuals and businesses to use the currency of their choice in their daily transactions,” the BCRA also noted. These mechanisms must be fully functional by Feb. 28, it added. Credit cards and prepaid cards must be active before April 1.

The BCRA also created a variant whereby consumers may pay their purchases of goods or services in fixed installments in pesos or dollars with a single authorization, also to be ready by Feb. 28.

However, authorities recalled that these are just “options” while the Argentine peso remains the legal tender.