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.
References in periodicals archive ?
By the day, more porterios (the name given colloquially to residents of Buenos Aires) are trading in their Argentinian pesos for the stability of the US dollar, causing the Argentinian peso's value to tumble and imported inflation to climb ever higher.
The Argentinian central bank was forced to raise interest rates dramatically (up 17 percentage points since May 2013) as FX reserves evaporated, forcing a devaluation of the Argentinian Peso in January 2014.
Emerging markets are continuing to be hampered by the exodus of funds as investors move money back to the developed markets, something which has caused the likes of the Turkish lira, Argentinian peso and the South African rand to be thrown into turmoil.
The Argentinian peso has been in free fall since after a move by Argentina's government to devalue the currency last week.
Investors headed for the exit as concerns grew of a repeat of last June's emerging markets rout following Thursday's plunge in the value of the Argentinian peso as the country's central bank gave up on its battle to prop up the currency through intervention in financial markets.
The South African rand, Russian ruble, Turkish lira, and especially the Argentinian peso -- which fell 13 percent Thursday -- have been ''trounced,'' said Jane Foley, a currency strategist at Rabobank.
The rupee was the worst performer after the Indonesian rupiah and Argentinian peso among 24 emerging-market currencies tracked by Bloomberg in the September quarter.
The devaluation of the Argentinian Peso, however, forced companies to Face cost increases for imports, which in turn slowed down their renewal process.
Net earnings were heavily impacted by exceptionals resulting from restructuring foodservice acquisitions in the US and charges related to the devaluation of the Argentinian peso.
Currency weakness in Asia, caused mainly by depreciation of the Japanese yen, will certainly affect EU pork exporters; and it is almost possible to believe Strak's suggestion of the Argentinian peso devaluation stimulating more pigmeat output from that corner of South America.