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Argentine Peso

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Argentine Peso
The currency of Argentina. It was introduced in 1992, replacing the austral following a bout of hyperinflation. At introduction, it was pegged to the U.S. dollar at a one-to-one ratio, meaning that if one presented one peso to the Central Bank of the Republic of Argentina, it could be redeemed for one dollar. This peg was dropped during the Argentine economic crisis of 2001, but the Central Bank attempts to keep the value of the peso around three dollars to promote stability. It is also called the peso convertible.


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The Pellegrini, worth a total of 1,201,250 Argentine pesos (about pounds 188,000), is one of three international Group 1s on a marathon 19-race card.
Rates aside, businesses have found that they can also count on modern hotel infrastructure that sprang up in the 1990s, when the Argentine peso was pegged one-to-one with the U.
When the Argentine peso was unpegged from the dollar in 2001, the currency crashed (see NotiSur 2002-02-15), a disaster for most of the country but a boon to export-oriented farmers, since they are paid in still-strong foreign currencies.
 
 
 
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