Four months into office, Argentine President Javier Milei has pulled off a critical feat in a country long ravaged by runaway inflation: He stabilized the currency.
As someone else pointed out, the article takes into account the unofficial or free market exchange rate.
In Argentina we got an official rate established by the government (the one your screenshot shows) where the amount you can exchange is limited.
And then we got the unofficial “blue” rate, which price is determined by the market and the one the article talks about.
When Milei assumes on Dec 10, he devaluates the official rate from around 360 USD/ARS to 820 USD/ARS, to get the official rate closer to the market rate.
From then the government continues to gradually devaluate the official rate to converge with the market one (that’s the slope you see).
Before Milei assumed the market rate was 950. The market rate peaked at around 1100 on December, then decreased to around 1000 in the end of January and it’s been relatively stable since.
I know it might be difficult to understand because not every country has these extreme currency controls, but Argentina has more than one currency exchange. The parallel one, blue market is the most used one and the one Bloomberg takes note of
Jesse what the fuck are you talking about
The author of this article, Ignacio Olivera Doll, seems to be a regular sucker of Milei’s cock based on my searching.
Look at it go Down down down into Goblin Town!
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Down down down into Goblin Town!
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The sad thing is that actually is an improvement. Not sure I’d say Milei is a success just because he someone slowed the peso’s decline though
As someone else pointed out, the article takes into account the unofficial or free market exchange rate.
In Argentina we got an official rate established by the government (the one your screenshot shows) where the amount you can exchange is limited.
And then we got the unofficial “blue” rate, which price is determined by the market and the one the article talks about.
When Milei assumes on Dec 10, he devaluates the official rate from around 360 USD/ARS to 820 USD/ARS, to get the official rate closer to the market rate.
From then the government continues to gradually devaluate the official rate to converge with the market one (that’s the slope you see).
Before Milei assumed the market rate was 950. The market rate peaked at around 1100 on December, then decreased to around 1000 in the end of January and it’s been relatively stable since.
I know it might be difficult to understand because not every country has these extreme currency controls, but Argentina has more than one currency exchange. The parallel one, blue market is the most used one and the one Bloomberg takes note of
Here: