Argentina floats peso

摘要

Argentina's peso plunged more than 26.5% on Thursday, after the country's new government floated the currency as part of a slew of free-market reforms aimed at revitalising the stagnant economy. It was the sharpest one-day devaluation in decades. The big winners were farmers in the sprawling Pampas grains belt who will start getting paid in stronger US dollars, while average consumers risk seeing their purchasing power fall. The peso opened at 14.00 per US dollar and closed at 13.38. Less than 24 hours before, in announcing the new policy, finance minister Alfonso Prat-Gay said 14.2 per dollar was a reasonable expectation for the post-devaluation peso.