{"id":9403,"date":"2023-12-24T15:39:04","date_gmt":"2023-12-24T18:39:04","guid":{"rendered":"https:\/\/wsclegal.com\/?p=9403"},"modified":"2026-03-19T12:59:22","modified_gmt":"2026-03-19T15:59:22","slug":"foreign-exchange-rates-in-argentina","status":"publish","type":"post","link":"https:\/\/wsclegal.com\/en\/foreign-exchange-rates-in-argentina\/","title":{"rendered":"Exchange Rates: How Much is a Dollar Worth in Argentina?"},"content":{"rendered":"

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Check out the latest <\/span>news on laws and <\/span>regulations.<\/span><\/p>\n

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\"\"<\/a>\u00a0 Volver<\/span><\/p>\n

[\/vc_column_text][\/vc_column][\/vc_row][vc_row full_width=”stretch_row_content_no_spaces” conditional_render=”%5B%7B%22value_role%22%3A%22administrator%22%7D%5D” el_class=”sec-top” css=”.vc_custom_1675395705007{margin-top: 0px !important;margin-bottom: 0px !important;padding-top: 0px !important;padding-right: 10% !important;padding-bottom: 0px !important;padding-left: 10% !important;}”][vc_column][vc_single_image image=”10768″ img_size=”” alignment=”center” css=”.vc_custom_1746021863497{margin-top: 0px !important;margin-bottom: 0px !important;padding-top: 0px !important;padding-bottom: 0px !important;}”][\/vc_column][\/vc_row][vc_row conditional_render=”%5B%7B%22value_role%22%3A%22administrator%22%7D%5D” el_class=”internapost margenmob” css=”.vc_custom_1674404868551{padding-top: 50px !important;}”][vc_column width=”4\/5″][vc_column_text]<\/p>\n

Exchange Rates: How Much Is a Dollar Worth in Argentina?\u00a0<\/span><\/h1>\n

(Part II – The Milei Era Begins)<\/p>\n

Quickly upon taking office on December 10, Argentine President Javier Milei has endeavored to orchestrate a whirlwind of economic change. This article updates our publication of 2023 (find here<\/a>). This sequel looks at the new rules governing the exchange rate between the Argentine peso and the U.S. dollar.[\/vc_column_text][vc_custom_heading text=”The Taming of the Kraken” use_theme_fonts=”yes” skin=”primary” show_border=”yes” border_skin=”primary” border_size=”xs”][vc_column_text]Until just a short while ago, Argentina juggled more than 19 exchange rates in an unsustainable effort to allow inflows but slow, and eventually stop, outbound flows of the dollar and euro, Argentina\u2019s de facto reserve currencies.<\/p>\n

We characterized the country\u2019s awkward rules of exchange as something akin to the mythic Kraken. Thus, we saw a multitentacled underwater beast (government rules of financial suppression), that strangled its prey (Argentina\u2019s economic participants).[\/vc_column_text][vc_column_text]Under Milei, the government has attempted to slay (or at least tame) the Kraken.<\/p>\n

On December 12, the government \u201crecalibrated\u201d the peso by catapulting the official exchange rate to AR$ 800 per U.S. dollar. The day previous, the peso had been trading at AR$ 400 = US$ 1.<\/p>\n

The new government further signaled its intention to seek market equilibrium by announcing that the peso would continue to devalue indefinitely relative to the dollar at a \u201ccrawling rate\u201d of 2% per month.[\/vc_column_text][vc_custom_heading text=”Current Foreign Exchange Rates” use_theme_fonts=”yes” skin=”primary” show_border=”yes” border_skin=”primary” border_size=”xs”][vc_column_text]But wait, there’s more. The government not only tinkered with the official exchange rate but also dialed down tax rates and bid adieu to special ad hoc currency rules.<\/p>\n

In one week, the Kraken lost 13 of its tentacles, leaving 6 exchange rates as of the close of last week:[\/vc_column_text][vc_single_image image=”9408″ img_size=”” alignment=”center” css=”.vc_custom_1703441668916{margin-top: 0px !important;margin-bottom: 0px !important;padding-top: 0px !important;padding-bottom: 0px !important;}”][vc_custom_heading text=”Lo barato siempre sale caro” use_theme_fonts=”yes” skin=”primary” show_border=”yes” border_skin=”primary” border_size=”xs”][vc_column_text css=””](Buying on the cheap always proves expensive)<\/p>\n

“Lo barato siempre sale caro” is a popular phrase used by Argentines to warn against the ephemeral utility of something that is cheap.<\/p>\n

As of this publication, the official exchange rate stands at AR$ 824, while the market rate dances around AR$ 956. A gap that once exceeded 150% has now narrowed to a mere 15%.<\/p>\n

The Milei government seeks a unified exchange rate once the economy finds its legs and stabilizes. In the meantime, capital controls continue (which must raise the hackles on the necks of the president\u2019s dogs named after his preferred economists, Milton Friedman, Murray Rothbard and Robert Lucas) until Argentina replenishes its international reserves.<\/p>\n

As the Milei administration continues to roll out new measures, we will continue to report on them. Stay tuned!<\/p>\n

Find updated content on foreign exchange controls here:<\/p>\n

The End of the CEPO? <\/a>Spoiler Alert: Not Yet\u2026[\/vc_column_text][\/vc_column][vc_column width=”1\/5″][vc_widget_sidebar sidebar_id=”blog-sidebar”][\/vc_column][\/vc_row][vc_row conditional_render=”%5B%7B%22value_role%22%3A%22administrator%22%7D%5D” el_class=”sec-top margenmob” css=”.vc_custom_1674404924579{padding-top: 3% !important;padding-bottom: 15px !important;background-color: #e8eef5 !important;}”][vc_column][vc_column_text css=”.vc_custom_1674348029620{margin-bottom: 0px !important;padding-top: 5% !important;padding-bottom: 0px !important;}”]<\/p>\n

More information<\/span><\/h2>\n

[\/vc_column_text][vc_custom_heading text=”” use_theme_fonts=”yes” skin=”primary” show_border=”yes” border_skin=”primary” border_size=”xs”][\/vc_column][\/vc_row][vc_row css=”.vc_custom_1674404931104{padding-bottom: 15px !important;background-color: #e8eef5 !important;}” conditional_render=”%5B%7B%22value_role%22%3A%22administrator%22%7D%5D” el_class=”margenmob”][vc_column width=”3\/4″][vc_column_text css=”.vc_custom_1674353274203{padding-bottom: 0px !important;}”]If you would like to discuss this matter with the attorneys at Wiener Soto Caparros, please do not hesitate to contact our author.<\/span>[\/vc_column_text][\/vc_column][vc_column width=”1\/4″][\/vc_column][\/vc_row][vc_row content_placement=”middle” css=”.vc_custom_1674405179900{padding-top: 0px !important;background-color: #e8eef5 !important;}” conditional_render=”%5B%7B%22value_role%22%3A%22administrator%22%7D%5D” el_class=”margenmob”][vc_column width=”1\/6″][vc_single_image image=”6953″ img_size=”” css=”.vc_custom_1703442641497{padding-right: 0px !important;padding-left: 0px !important;}”][\/vc_column][vc_column width=”2\/6″][vc_column_text css=”.vc_custom_1703443019974{padding-top: 5% !important;padding-right: 0px !important;padding-left: 0px !important;}”]<\/p>\n

Laurence P. Wiener<\/span><\/a><\/h3>\n

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