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Montevideo, September 24th 2023 - 21:40 UTC

Tag: Argentine devaluation

  • Friday, April 14th 2023 - 10:40 UTC

    Argentina: “Blue” dollar hits psychological AR$ 400 mark

    The devaluation of the official rate was only 0.07% to stand at AR$ 221.61

    The unofficial exchange rate known as “blue” (a euphemism for “black market”) between the Argentine peso and the US dollar crossed the psychological US$ 1 / AR$ 400 barrier Thursday just a few days after the “agro” rate was implemented in a move to curb the volatile parity.

  • Friday, October 22nd 2021 - 23:55 UTC

    Unofficial exchange rate shows Argentina's de facto devaluation

    Whenever uncertainty rises in Argentina, US dollars bring some peace of mind

    The unofficial exchange rate (commonly referred to as “blue”) of the Argentine peso against the US dollar Friday hit an all-time high, reaching a US $ 1 = AR $ 195 parity thus matching an all-time-high of exactly one year ago (Oct.23, 2020), it was reported.

  • Thursday, December 6th 2018 - 08:45 UTC

    Argentine manufacturing and construction declines during October

    The manufacturing decline was led by sharp falls in the auto industry, textiles, metals, rubber and plastic production, and chemicals

    Manufacturing in Argentina fell 6.8% in October year on year, while construction declined 3.7%, and in the first ten months of this year 2.5% and 4.9% respectively according to the Indec statistics bureau report. Firms were hit hard by a contraction in economic activity and the devaluation of the Peso against the US dollar.

  • Thursday, October 11th 2018 - 08:44 UTC

    Argentina attracting more tourists while less Argentines travelling overseas

    Winter resort Bariloche in Patagonia received the highest percentage of incoming tourists, given the launching of direct flights from Brazil

    The number of incoming tourists to Argentina is increasing month after month since the drastic devaluation of the local currency, while outgoing tourism has dropped significantly. According to the latest release from the country's stats office, Indec, 224.000 tourists arrived in Argentina during August, 7.4% more than a year ago, while residents travelling overseas dropped 11.9%, to 335.300.

  • Monday, September 24th 2018 - 08:16 UTC

    Almost two million Argentines out of a job in the second quarter of 2018

    The Indec data from 31 of the most important urban centers in Argentina, is an increase of 0.5 points from the previous quarter

    Almost two million Argentines are without a job, more precisely 1,999,387 according to the latest unemployment report from the county's stats office, Indec. In effect unemployment rose in the second quarter to 9.6%, from 8.7% a year ago, making it the highest figure in twelve years.

  • Saturday, September 1st 2018 - 09:27 UTC

    S&P places Argentina credit ratings under review

    S&P cited the risk of worsening creditworthiness and exchange rate volatility as potential threats to the economic measures undertaken by Macri’s administration

    S&P said on Friday it may lower Argentina's long-term foreign currency rating from its current B+ grade, which is four notches below investment grade -- and on par with Turkey, Greece and Fiji. The ratings company cited the risk of worsening creditworthiness and exchange rate volatility as potential threats to the economic adjustment measures undertaken by Mauricio Macri’s administration.

  • Friday, August 31st 2018 - 07:43 UTC

    Argentine peso plummets and central bank raises interest rate to 60%

    As the US dollar on Thursday trading rapidly climbed from Wednesday's 34 Pesos to over 36 Pesos, the Central bank raised its benchmark interest rate to 60%

    The Argentine Peso plummeted 15.6% to a new record on Thursday, and ended trading at 39.87 after having reached almost 42 Pesos to the US dollar in mid afternoon. This follows on the Wednesday which also witnessed the Argentine currency slide 7% to the greenback.

  • Friday, May 4th 2018 - 09:00 UTC

    Argentine Peso tumbles 7.83% to US dollar; central bank raises rate to 33.25%

    The Peso tumbled 7.83% to 23 per U.S. dollar. It had hit 21.2 (23,5 in some banks) to the greenback on Wednesday. The central bank hiked the rate to 30.25% from 27.25% on Friday.

    Argentina’s central bank raised its benchmark interest rate by 300 basis points to 33.25% percent on Thursday, but the second steep rate increase in less than a week failed to stop the country’s peso currency from swooning to a record low. The local currency tumbled 7.83% to 23 per U.S. dollar. It had hit 21.2 to the greenback on Wednesday, the first trading day due to a holiday after the bank hiked the rate to 30.25% from 27.25% on Friday.

  • Saturday, December 19th 2015 - 06:18 UTC

    Argentina's foreign exchange market slowly adapting to new rules with no major surprises

    Foreign exchange houses were  adjusting their systems to comply with new rules so not all Buenos Aires brokers were yet available to meet clients' demands.

    The US dollar in Argentina's foreign exchange market plunged on Friday 35 cents to 13.60 Pesos on the second day since President Mauricio Macri's administration decided to put an end to official restrictions for the purchase of greenbacks and other dealings with foreign currency.

  • Thursday, December 17th 2015 - 06:50 UTC

    Argentina lifts foreign currency controls and let's Peso float, as of Thursday

    “He who wants to import will be able to do so, and he who wants to buy dollars will be able to buy them,” Finance Minister Alfonso Prat-Gay announced

    Argentina announced on Wednesday it was lifting currency controls and would allow the peso to float when markets open on Thursday, setting the stage for a devaluation, following pledges by new president Mauricio Macri for reforms to spur economic growth.

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