Argentina unfreezes exchange rate and raises official dollar exchange rate | World and Science

Flag of ArgentinaAFP

Published 15/11/2023 13:28

After keeping the exchange rate frozen since August, the Argentine government increased the official exchange rate of the dollar this Wednesday, from 350 Argentine pesos to 353.05 pesos, as operators reported to multiple local press outlets.

The adjustment confirms the plans already announced by the country’s Ministry of Economy, to resume the “crawling peg” exchange rate regime, in which the currency gradually devalues ​​in small steps.

Last month, the country’s economic policy secretary, Gabriel Rubinstein, anticipated that the depreciation would be 3% per month.

According to the Clarín newspaper, changes will not necessarily occur every day and there should be no predictability in the pace of changes.

The dollar had been frozen at 350 pesos since August 14, the day after the presidential election primaries, in which ultraliberal candidate Javier Milei came in first place.

In the first round of the election, the economy minister, Sergio Massa, surprised and recovered to first place. The second round between Milei and Massa is scheduled for next Sunday.