Argentina’s peso has been falling since 2002, when the government abandoned the 1:1 ratio with the dollar. In the past two weeks, that decline has been evident. Currently, the ratio renders 3.4 pesos for every 1 American dollar. It began to drop .7 percent a day since November 12. These concerns don’t seem to worry the banks, as currency trader Daniel Bou Kahir remarked, “The central bank is letting the peso devalue in a gradual and controlled manner.” Kahir is based at Banco de la Pampa in Buenos Aires.
Via: Bloomberg
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