# Argentina’s peso plunges in warning light for Milei - NZ Herald

> 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.

- Date: 2024-05-23 · published 2024-05-23T12:00:00.000Z
- Category: macro · region Argentina · magnitude medium
- Page: https://feedsoft.ai/events/30547-argentina-s-peso-plunges-in-warning-light-for-milei-nz-herald
- Commodities: [Argentine Peso (ARS per USD)](https://feedsoft.ai/c/USDARS.md)

## Why it matters

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.

## Read by commodity

- USDARS: bullish ▲

## Sources

- nzherald.co.nz: https://www.nzherald.co.nz/business/companies/banking-finance/argentinas-peso-plunges-in-warning-light-for-milei/TNT53NSVKVF7NMIDTC4WHTBYEI/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.