Argentine peso

"Peso argentino" redirects here. For the currency used between 1983 and 1985 officially called the "peso argentino", see Argentine peso (1983–1985).
Argentine peso
Peso argentino (Spanish)
ISO 4217
CodeARS (numeric: 032)
Subunit0.01
Unit
Unitpeso
SymbolARS[1]
Denominations
Banknotes
 Freq. used10, 20, 50, 100, 200, 500, 1,000, 2,000 and 10,000 pesos[2]
Coins
 Freq. used1, 2, 5, 10 pesos[2]
 Rarely used1, 5, 10, 25, 50 centavos, bimetallic 1 and 2 pesos[2] (no longer minted, still valid)
Demographics
ReplacedArgentine austral
User(s) Argentina
Issuance
Central bankCentral Bank of the Argentine Republic
 Websitewww.bcra.gov.ar
Valuation
Inflation271.5% in June 2024
 SourceCentral Bank of the Argentine Republic

The peso (established as the peso convertible) is the currency of Argentina since 1992, identified within Argentina by the symbol $ preceding the amount in the same way as many countries using peso or dollar currencies. It is subdivided into 100 centavos, but due to rapid inflation, coins and notes with a value lower than 5000 pesos are now rarely used. Its ISO 4217 code is ARS.[3] It replaced the austral at a rate of 10,000 australes to one peso.

Argentine currency has experienced severe inflation, with periods of hyperinflation, since the mid-20th century, with periodic change of the currency valuation to a new version at a rate ranging from 100:1 to 10,000:1. A new peso introduced in 1992, officially the peso convertible de curso legal, was worth 10,000,000,000,000 (ten trillion) pesos moneda nacional, the currency in use until 1970. Since the early 21st century, the peso has experienced further substantial inflation, reaching 289.4% year-on-year in April 2024, the highest since the current peso was introduced in the Convertibility plan of 1991.[4]

The official exchange rate for the United States dollar valued the peso convertible de curso legal at one US dollar at its introduction in 1992, which was maintained until early 2002. Afterwards, it went from a 3:1 exchange rate with the US dollar in 2003 to 178:1 in early 2023. On 14 August 2023, the official exchange rate was fixed at ARS$350 to one US dollar; the unregulated rate valued the peso at ARS$665 to one US dollar.[5] On 15 November 2023, the crawling peg was restored.[6]

USD/Argentine Peso exchange rate

On 12 December 2023, following the election of president Javier Milei, economy minister Luis Caputo changed the official exchange rate to 800 pesos to the U.S. dollar from the previous 366.5, a devaluation of 54%, to be followed by a monthly devaluation target of 2%.[7] At the time, the unofficial exchange rate was around 1000 pesos per dollar.[8]

  1. ^ "World Bank Editorial Style Guide 2020 - page 134" (PDF). openknowledge.worldbank.org. Retrieved 2022-08-22.
  2. ^ a b c "Billetes y monedas | Emisiones vigentes". Banco Central de la República Argentina.
  3. ^ "Argentina - Exchange rates section". The World Factbook. CIA. 6 December 2023.
  4. ^ "Banco Central de la República Argentina" (in Spanish). Banco Central de la República Argentina. Updated monthly.
  5. ^ Raszewski, Eliana; Rosario, Jorgelina (14 August 2023). "Argentina devalues peso, raises rates after shock primary vote". Reuters. Archived from the original on 10 November 2023. Retrieved 12 January 2024.
  6. ^ Bianchi, Walter; Otaola, Jorge (15 November 2023). "Argentina restarts 'crawling peg' to let currency weaken for first time since August". Reuters. Archived from the original on 30 November 2023. Retrieved 12 January 2024.
  7. ^ Sweney, Mark (13 December 2023). "Argentina's new government devalues peso by more than 50%". The Guardian. Archived from the original on 21 December 2023. Retrieved 24 January 2024.
  8. ^ "Cotización Dólar Blue - El Cronista". El Cronista.