Foreign Banks Expect Another Devaluation of the Argentine Peso By Year’s End

Bank of America projects the official exchange rate could reach 615 pesos per dollar by the end of 2023, implying a further 43% devaluation. Economy Minister Massa said there would be no exchange rate changes until the end of October.

Analysts cite low central bank reserves and a parallel gap above 100% as reasons for a larger devaluation later in the year.