Argentine peso
The peso is the currency of Argentina since 1992, identified within Argentina by the symbol $ preceding the amount in the same way as many countries using peso or dollar currencies. It is subdivided into 100 centavos, but with 10 pesos being worth about 1 US cent in early 2025, smaller denominations are not issued or in normal use. Its ISO 4217 code is ARS. It replaced the austral at a rate of 10,000 australes to one peso.
Argentine currency has experienced severe inflation, with periods of hyperinflation, since the mid-20th century, with periodic change of the currency valuation to a new version at a rate ranging from 100:1 to 10,000:1. A new peso introduced in 1992, officially the peso convertible de curso legal, was worth 10,000,000,000,000 Argentine peso moneda nacional, the currency in use until 1970. Since the early 21st century, the peso has experienced further substantial inflation, reaching 289.4% year-on-year in April 2024, the highest since the current peso was introduced in the Convertibility plan of 1991.
The official exchange rate for the United States dollar valued the peso convertible de curso legal at one US dollar at its introduction in 1992, which was maintained until early 2002. Afterwards, it went from a 3:1 exchange rate with the US dollar in 2003 to 178:1 in early 2023. On 14 August 2023, the official exchange rate was fixed at ARS$350 to one US dollar; the unregulated rate valued the peso at ARS$665 to one US dollar. On 15 November 2023, the crawling peg was restored.
File:USD to Argentina Peso exchange rate.webp|thumb|right|260px|USD/Argentine Peso exchange rate
On 12 December 2023, following the election of president Javier Milei, economy minister Luis Caputo changed the official exchange rate to 800 pesos to the U.S. dollar from the previous 366.5, a devaluation of 54%, to be followed by a monthly devaluation target of 2%. At the time, the unofficial exchange rate was around 1,000 pesos per dollar. The monthly devaluation target was lowered to 1% on February 2025 after inflation eased.
From 14 April 2025 on, the official peso is set to freely floating within a currency band of 1,000 to 1,400 pesos per dollar, as part of an agreement with the International Monetary Fund. Since then, as a consequence of the liberalization of the currency market, the official and unofficial rates have remained close to each other. The upper limit of the trading band was breached in September and October 2025, triggering interventions by the Argentine central bank and the United States Treasury in the foreign exchange market, by buying pesos, to keep the exchange rate within the limits of the currency band.
History
Amounts in earlier pesos were sometimes preceded by a "$" sign and sometimes, particularly in formal use, by symbols identifying that it was the specific currency in use at the time, for example "100" or "" for pesos moneda nacional. The currency introduced in 1992 was called peso convertible, simplified to just peso in 2002. A value in pesos is written with a preceding "$" sign only. Earlier pesos replaced currencies also called peso, and sometimes two varieties of peso coexisted, making it necessary to have a distinguishing term to use, at least in the transitional period; the 1992 peso replaced a currency with a different name, austral.Peso before 1826
The peso was a name often used for the silver Spanish eight-real coin. Following independence, Argentina began issuing its own coins, denominated in reales,soles and escudos, including silver eight-real coins still known as pesos. These coins, together with those from neighbouring countries, circulated until 1881.
Peso fuerte, 1826–1881
In 1826, two paper money issues began, denominated in pesos. One, the peso fuerte was a convertible currency, with 17 pesos fuerte equal to one Spanish ounce of 0.916 fine gold. It was replaced by the peso moneda nacional at par in 1881.Peso moneda corriente, 1826–1881
The non-convertible peso moneda corriente was also introduced in 1826. It started at par with the peso fuerte, but depreciated with time. Although the Argentine Confederation issued 1-, 2- and 4-centavo coins in 1854, with 100 centavos equal to 1 peso = 8 reales, Argentina did not decimalize until 1881. The peso moneda nacional replaced the earlier currencies at the rate of 1 peso moneda nacional = 8 reales = 1 peso fuerte = 25 peso moneda corriente. Initially, one peso moneda nacional coin was made of silver and known as patacón. However, the 1890 economic crisis ensured that no further silver coins were issued.Gold and silver pesos, 1881–1970
The Argentine gold coin from 1875 was the gold peso fuerte, one and two-thirds of a gram of gold of fineness 900, equivalent to one and a half grams of fine gold, defined by Law no. 733 of 1875. This unit was based on that recommended by the European Congress of Economists in Paris in 1867 and adopted by Japan in 1873. However, these provisions were not implemented.The system before 1881 has been described as "monetary anarchism". Law no. 1130 of 1881 put an end to this; it established the monetary unit as the peso oro sellado, a coin of of gold of fineness 900, and the silver peso, of silver of fineness 900. Gold coins of 5 and 2.5 pesos were to be used, silver coins of one peso and 50, 20, 10 and 5 centavos, and copper coins of 2 and 1 centavos.
Peso moneda nacional, 1881–1970
The depreciated peso moneda corriente was replaced in 1881 by the paper peso moneda nacional at a rate of 25 to 1. This currency was used from 1881 until January 1, 1970. The design was changed in 1899, and again in 1942. Initially, the peso m$n was convertible, with a value of one peso oro sellado. Convertibility was maintained off and on, with decreasing value in gold, until it was finally abandoned in 1929, when m$n 2.2727 was equivalent to one peso oro.Peso ley, 1970–1983
The peso ley 18.188 replaced the previous currency at a rate of 1 peso ley to 100 pesos moneda nacional.Peso argentino, 1983–1985
The peso argentino replaced the previous currency at a rate of 1 peso argentino to 10,000 pesos ley. The currency was introduced just before the return of democracy, on June 1, 1983. However, it rapidly lost its purchasing power, was devalued several times, and was replaced by a new currency called the austral in June 1985.Austral, 1985–1991
The austral replaced the peso argentino at a rate of 1 austral to 1,000 pesos. During the period of circulation of the austral, Argentina suffered from hyperinflation. The last months of President Raul Alfonsín's period in office in 1989 saw prices increase constantly, reflected in a worsening exchange rate. Emergency notes of 10,000, 50,000 and 500,000 australes were issued, and provincial administrations issued their own currency for the first time in decades. The value of the currency stabilized two years after President Carlos Menem was elected.Peso convertible, since 1992
In 1992 a new peso was introduced, referred to as peso convertible since the international exchange rate was fixed by the Central Bank at 1 peso to 1 U.S. dollar, and for every peso convertible circulating, there was a US dollar in the Central Bank's foreign currency reserves. It replaced the austral at a rate of 1 peso = 10,000 australes. After the various changes of currency and dropping of zeros, one peso convertible of 1992 was equivalent to 10 trillion pesos moneda nacional of 1970.After the financial crisis of 2001, the fixed exchange rate system was abandoned in January 2002, and the exchange rate fluctuated, up to a peak of four pesos to one dollar at the time. The resulting export boom produced a massive inflow of dollars into the Argentine economy, which helped lower their price. For a time the administration stated and maintained a strategy of keeping the exchange rate at between 2.90 and 3.10 pesos per US dollar, in order to maintain the competitiveness of exports and encourage the replacement of imports by local industries. When necessary, the Central Bank issues pesos and buys dollars in the free market to keep the dollar price from dropping, and had amassed over in reserves before the payment to the International Monetary Fund in January 2006.
The effect of this may be compared to the neighboring Brazilian real, which was roughly on par with the Argentine peso until the beginning of 2003, when both currencies were about three per U.S. dollar. The real started gaining in value more than the peso due to Brazil's slower build-up of dollar reserves; by 29 December 2009, a real was worth almost 2.2 pesos. In December 2015, US dollar exchange restrictions were removed in Argentina following the election of President Mauricio Macri. As a result, the difference between the official rate and the unofficial "blue" rate almost disappeared for a time. The official exchange rate was on 1 April 2016 of 14.4 to. The rate gradually worsened; on 29 July 2022 one U.S. dollar was quoted at 131.22 pesos at the official rate and 298 pesos, 2.27 times higher, in unregulated markets. By September 2023, the official exchange rate had reached 350 pesos to the dollar, and over 720 pesos on unregulated markets.
On 12 December 2023, following the election of president Javier Milei, economy minister Luis Caputo changed the official exchange rate to 800 pesos to the dollar from the previous 366.5, a devaluation of 54%. At the time, the unofficial exchange rate was around 1,000 pesos per dollar. This was followed by a monthly devaluation target of 2%, being afterwards lowered to 1% on February 2025 after inflation eased. From 14 April 2025 on, the official peso has operated within a currency band of 1000 to 1400 pesos per dollar, as part of an agreement with the International Monetary Fund. Since then, as a consequence of the liberalization of the currency market, the official and unofficial rates have remained close to each other. The upper limit of the trading band was breached in September and October 2025, triggering interventions by the Argentine central bank and the United States Treasury in the foreign exchange market, by buying pesos, to keep the exchange rate within the limits of the currency band.