By Artur Piva
On the informal exchange market, Argentina’s currency plummeted to the worst exchange rate in its history on Tuesday, 25.
With the drop, it takes almost 500 Argentine pesos to buy US$1.
When Alberto Fernández, the country’s current president, took office, the rate was around $70 to the dollar.
The sharp devaluation of the Argentine currency, coupled with the government’s reluctance to assimilate the fall, has generated two different exchange rates for the country.
One official, published by the Argentine Central Bank (BCRA), and another in the parallel market, represents the value freely practiced in the streets.
According to La Nacion newspaper, while the country’s monetary authority lists U$S1 for about $220, each dollar is negotiated for almost $500 in the parallel market.
In practice, the real value is less than half of the official one.
Since the year began, the North American currency has already risen 35% in the parallel exchange.
On the first day of 2023, the rate was $346 per dollar.
In the case of the official rate, the value at the beginning of the year was around $180.
With information from Revista Oeste