# Argentina Devalues Peso, Hikes Rates After Milei's Election Win - Bloomberg

> Argentina's government devalued its official exchange rate by as much as 18% to around 350 pesos per dollar and raised its key interest rate by 21 percentage points to 118%. The government said it was running out of funds to defend the currency.

- Date: 2023-08-14 · published 2023-08-14T12:00:00.000Z
- Category: macro · region Argentina · magnitude medium
- Page: https://feedsoft.ai/events/34877-argentina-devalues-peso-hikes-rates-after-milei-s-election-win-bloomberg
- Commodities: [Argentine Peso (ARS per USD)](https://feedsoft.ai/c/USDARS.md)

## Why it matters

The devaluation and rate hike signal an IMF-linked shift that could increase Argentine farmer selling of soy products and affect global meal and oil supplies.

## Read by commodity

- USDARS: bullish ▲

## Sources

- bloomberg.com: https://www.bloomberg.com/news/articles/2023-08-14/argentine-markets-brace-for-turmoil-on-populist-s-election-upset

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