The sharp devaluation of its currency and other cuts are needed to deal with an economic "emergency," said President Javier Milei.
  • alvvayson@lemmy.world
    243·
    11 months ago

    Correct. Usually when governments devalue currency, it’s a move to find equilibrium slightly above the black market value of that currency.

    I read that the official rate was 380 to the dollar and is now 800, while black market rate was 1000.

    So this devaluation is still 20% higher than the black market rate.