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 ?
22 that it would move toward a single currency--ending an unwieldy dual system that includes a convertible, dollar-like peso unit (known as the peso convertible, or CUC) and a local peso, the CUP.
The hard-currency peso convertible used by tourists and foreign firms--which until recently had been set at $1.
The peso convertible (CUC)--introduced five years ago to replace the U.
The peso convertible was introduced in 1994 and formalized in 2004, when the U.
The peso convertible has no value outside Cuba and it has been used by tourists as payment since 2004.
The revaluation of the Cuban peso against the new peso convertible which has replaced the U.
Cuba's peso convertible is no longer tied to the U.
The new regulations, intended to "ensure efficient use of financial resources," establish the peso convertible as the only means of payment to denominate and execute transactions now carried out by Cuban entities in U.
Those coins have since been replaced by peso convertible coins of equivalent value.