The price of the U.S. dollar weakened during the first week after lifting the currency controls in Argentina
The peso gained ground and stabilizing at an exchange rate of 1,160 pesos per dollar. The rate, which is closer to the stronger side of the established fluctuation band, has spurred speculation about a possible intervention of the central bank to purchase dollars to maintain a weaker peso. Nonetheless, President Javier Milei stated that the bank will not act until the exchange rate falls under the 1,000 pesos per dollar mark. This is seen as a victory for Milei’s administration, as critics claimed that this move equated to a covert devaluation of the peso.
