# Argentina Sharply Devalues Its Peso Currency to Tame Inflation

> Argentina sharply devalued its peso and announced plans to cut public spending to reduce the fiscal deficit and tame triple-digit inflation. The official rate moved from about 360 pesos per dollar before the new administration, while the unofficial rate traded near 1,070.

- Date: 2023-12-12 · published 2023-12-12T12:00:00.000Z
- Category: policy · region Argentina · magnitude medium
- Page: https://feedsoft.ai/events/32998-argentina-sharply-devalues-its-peso-currency-to-tame-inflation
- Commodities: [Soybean Meal](https://feedsoft.ai/c/SBM.md), [Corn](https://feedsoft.ai/c/CORN.md)

## Why it matters

The devaluation and expected removal of currency restrictions may increase Argentine export selling of soy and corn, which can pressure international meal and grain prices. Lower domestic costs for exporters also support their competitiveness.

## Read by commodity

- SBM: bearish ▼
- CORN: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| SBM | 2023-12-12 | [Argentina’s Milei Devalues Peso by 54% in First Batch of Shock Measures - Bloomberg](https://feedsoft.ai/events/32997-argentina-s-milei-devalues-peso-by-54-in-first-batch-of-shock-measures-bloomberg.md) | -3.3% | -11.7% |
| SBM | 2018-01-10 | [Argentine central bank cuts basic rate to 28%; annual inflation target 15% — MercoPress](https://feedsoft.ai/events/67270-argentine-central-bank-cuts-basic-rate-to-28-annual-inflation-target-15.md) | +3.1% | +6.6% |
| SBM | 2018-09-27 | [EM crisis: IMF boosts lending to Argentina to halt peso slide](https://feedsoft.ai/events/63334-em-crisis-imf-boosts-lending-to-argentina-to-halt-peso-slide.md) | -0.1% | -0.5% |
| SBM | 2026-05-26 | [Argentina to Gradually Reduce Soy, Corn Taxes in Coming Years](https://feedsoft.ai/events/13795-argentina-to-gradually-reduce-soy-corn-taxes-in-coming-years.md) | -1.3% | -10.7% |
| SBM | 2026-06-02 | [Argentina to Gradually Reduce Export Taxes on Ag Products](https://feedsoft.ai/events/13794-argentina-to-gradually-reduce-export-taxes-on-ag-products.md) | -8.7% | -9.3% |
| CORN | 2023-12-12 | [Argentina’s Milei Devalues Peso by 54% in First Batch of Shock Measures - Bloomberg](https://feedsoft.ai/events/32997-argentina-s-milei-devalues-peso-by-54-in-first-batch-of-shock-measures-bloomberg.md) | +1.9% | +0.1% |
| CORN | 2018-09-27 | [EM crisis: IMF boosts lending to Argentina to halt peso slide](https://feedsoft.ai/events/63334-em-crisis-imf-boosts-lending-to-argentina-to-halt-peso-slide.md) | -0.5% | -0.3% |
| CORN | 2026-05-26 | [Argentina to Gradually Reduce Soy, Corn Taxes in Coming Years](https://feedsoft.ai/events/13795-argentina-to-gradually-reduce-soy-corn-taxes-in-coming-years.md) | -2.5% | -8.6% |

## Sources

- wsj.com: https://www.wsj.com/world/americas/argentina-sharply-devalues-its-peso-currency-to-tame-inflation-0c8b44ea

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