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Argentina's peso fell more than 15% against the dollar over the past week to a record low on the black market. Analysts attributed the drop to aggressive rate cuts by the central bank, which cut the benchmark rate from 70% to 40% in about a month.
President Milei restated his plan to replace the peso with the dollar and to allow competition between the two currencies.
Currency instability in Argentina can delay its farm sales and make its export pricing more volatile, which affects global meal and grain supply. The policy uncertainty around currency controls adds to that risk.
nzherald.co.nzFinancial TimesMay 23, 2024Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
