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In a pivotal move on Wednesday, Argentina’s central bank reignited its gradual devaluation strategy after an almost three-month freeze, causing the peso to dip to 352.95 against the dollar. This decision follows a resilient stance at 350 since mid-August, initiated after a primary election-induced currency crisis.
According to Gabriel Rubinstein, Secretary of Economic Policy, the peso is set to resume its ‘crawling peg’ system on November 15. Under this mechanism, the currency will undergo a monthly depreciation of approximately 3%, as reported by Reuters.
The ‘crawling peg,’ a periodic adjustment based on economic indicators, was initially implemented in 2019 but was temporarily suspended during the recent electoral campaign to curb volatility.
Pressure Mounts on the Peso Ahead of Argentinian Elections
This crawling peg decision of the peso comes against the backdrop of a high-stakes presidential race between Peronist Economy Minister Sergio Massa and libertarian outsider Javier Milei. Massa, currently leading in the polls, vows to renegotiate Argentina’s substantial $46 billion debt with the International Monetary Fund and bolster social spending for economic rejuvenation.
Conversely, Milei, resonating with disenchanted youth, advocates for dollarizing the economy and abolishing the central bank.
Amidst this political and economic crossroads, the peso has experienced a staggering 99% devaluation against the dollar this year. Factors such as soaring inflation, sluggish growth, and persistent debt crises have propelled the government to enforce stringent capital controls in a bid to preserve the central bank’s reserves and staunch the outflow of dollars.
As Argentines gear up for the impending presidential election, uncertainty looms large, denting confidence among investors and consumers alike. The currency is anticipated to remain under strain in the lead-up to the polls, painting a complex economic landscape for the nation.
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