Economy of Argentina

If it could be maintained it would strengthen the embattled peso, allowing tough currency controls limiting dollar access to be unwound

Argentina's Economy Minister, Luis Caputo, declared an unprecedented step to devalue the peso by more than 50%, aiming to rescue the country's struggling economy. This decision, changing the dollar conversion rate to 800 pesos per dollar from 365, comes early in President Javier Milei's tenure.

Argentina will pay for Chinese imports in yuan instead of U.S. dollars in order to preserve its dwindling foreign reserves, Economy Minister Sergio Massa has said.    

Russia's war on Ukraine has sent grain prices skyrocketing, a worry for consumers worldwide but potentially a boon for producers like Argentina, which hopes an influx of soybean "agridollars" will boost its faltering economy.    

Photo: Ricardo Mazalan / Associated Press

BUENOS AIRES, Argentina - Amid an economy heavily slowed by a drop in industrial production, rising inflation and a rise in poverty, Argentina has now seen another increase in joblessness as President Mauricio Macri's economic plans continue to sputter.

Foreign trade indicators from the first seven months show us that the 2014 growth target of 4 percent will be difficult to achieve.