The Argentine peso reached record lows Wednesday after the economy minister and presidential candidate Sergio Massa proposed issuing a national digital currency. The informal blue exchange rate rose to 850 pesos per dollar, later retracing to 843 pesos per greenback. Massa stated he would send an Argentine digital currency proposal to Congress.
Argentine Peso Reaches Record Lows
Amidst the political instability and the proximity of elections, the Argentine peso has sunk to a new record low Wednesday, as economy minister and presidential candidate Sergio Massa announced a new push to launch an Argentine digital currency.
The U.S. dollar, in its informal “blue” exchange rate, reached peaks of 850 pesos in some locations in Argentina, retracing to close with a pricing of 843 pesos per dollar. Argentine analysts attribute this to the closeness of the upcoming elections and the expectation of an administration change.
Economist Camilo Tiscornia told Ambito that “October is a key month for the dollar, due to the electoral context, which, in Argentina, is synonymous with dollarization and rise in exchange rates, especially of the blue dollar.”
The possible victory of libertarian candidate Javier Milei — who has proposed the dollarization of the country as one of the main highlights of his plan — would also affect the exchange rate, according to economist Pablo Ferrari, with people and companies protecting their savings from a possible upcoming devaluation.
