Argentine Peso Returns to record Low Amid Holiday Spending

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The value of the Argentine peso has fallen to historic lows as a result of a sharp decline. On December 23, local media reported that one of the unofficial, or “blue dollar,” exchange rates between the currency and the U.S. dollar had risen to 340 pesos. This represents a 5-month low for the peso following a time when its value remained largely stable.

Argentine Peso Fell to the 350 Low in June

The last time the peso fell this drastically was in July, when Martin Guzman, the country’s finance minister, resigned and political unrest erupted across the nation. 350 pesos to one dollar has historically been the lowest exchange rate, which was attained in June.

The occurrence of the holiday seasons, when there are more pesos in circulation and Argentines rush to hedge their savings in foreign currency, has been suggested by analysts as one explanation for this predicament. However, there are also other political considerations at play as well.

President Alberto Fernandez chose to disregard a ruling made by the highest court in the nation, which would have increased the amount of provincial tax revenue going to the city of Buenos Aires. The panel mandated that on December 21, the national government deliver 2.95% of these taxes to the city.

According to some observers, this has sparked a climate of legal ambiguity that is already having an impact on the value of the Argentine peso and will continue to have an impact in the future. Former Finance Secretary Miguel Kiguel claims that this choice allayed concerns on other sides as well. He declared:

“It is logical that questions arise about the fulfillment of the contracts. If the Government does not comply with the ruling of the Supreme Court, the question of what is fulfilled and what is not opens.”