International News

Argentina Currency Plummets

Views : 321
Author : Bozhou Marine
Update time : 2023-10-13 10:24:30
Argentina is currently in the midst of its worst economic crisis in 20 years, with the peso losing 71% of its value against the dollar in the past 12 months.

Argentina's official exchange rate has been fixed at 365 pesos to the dollar since August.
But on Monday, the exchange rate on Argentina's black market exchange house was 945 pesos per U.S. dollar, a drop of 7.4% in two days.
The gap between the official and unofficial exchange rates has widened to 165%, the largest on record.

At the same time, Argentina’s inflation rate reached 124% in August. Argentine officials will release the latest inflation data on Thursday. The current market expectation is that the inflation rate may exceed 130%, which will also be a new high since the country exited hyperinflation in the early 1990s.
The U.S. dollar rose to an unprecedented 1,040 against the Argentine peso on Tuesday on the black market, losing almost a quarter of its value in just a week.


www.bozhou-ing.com | Marine Light
 
Related News
Read More >>
Massive Strike in Spain Massive Strike in Spain
Oct .22.2024
The two largest unions in Spain, CCOO and UGT, recently announced that Spanish truck and bus drivers will start a series of strikes on October 28, and the number of strikers may reach 500,000.
Brandy From The European Union Brandy From The European Union
Oct .09.2024
On October 8, the Ministry of Commerce of China issued the "Announcement on the Implementation of Temporary Anti-dumping Measures on Imported Brandy Originating from the European Union"
Up To 45% Tariff Up To 45% Tariff
Oct .09.2024
On October 4, local time, EU member states officially voted to impose an additional tax of up to 35% on Chinese-made electric vehicles on the basis of the existing 10% tax, which is scheduled to take effect at the end of October.
Americas Hit By Fire Americas Hit By Fire
Sep .09.2024
Many parts of the Americas have been hit by wildfires, causing multiple areas to lose control of the flames.