|
Date
|
Changes
to the exchange rate regime
|
Argentine Peso per U.S. Dollar
|
| 13 March 1967 | The Peso had been devalued and stabilized at an Official Rate of M$N350.00 per U.S. Dollar. (WCY 1984, p.65) | 350.000 |
| 13 March 1967 | The Peso had been devalued and stabilized at an Official Rate of M$N350.00 per U.S. Dollar. (WCY 1984, p.65) | 350.000 |
| 1 January 1970 | The Argenitina Peso (a$), devided into 100 Centavos, was transformed into a new "heavy" Peso (Peso Fuerte) created by replacing 100 old Pesos (M$N) with one new Peso Argentino ($a) and having an Official Rate of $a3.50 per U.S. Dollar. (WCY 1984, p.65) | 3.500 |
| 18 June 1970 | The "heavy" Peso was devalued to $4.00 per U.S. Dollar. (WCY 1984, p.65) | 4.000 |
| 5 April 1971 | The currency was devalued to $a4.04 per U.S. Dollar, and a system of foreign exchange depreciation through minidevaluations was introduced. (WCY 1984, p.65) | 4.040 |
| 3 May 1971 | The unit was cut to $a4.12 per U.S. Dollar. (WCY 1984, p.65) | 4.120 |
| 7 June 1971 | The unit was cut to $a4.20 per U.S. Dollar. (WCY 1984, p.65) | 4.200 |
| 25 June 1971 | The unit was cut to $a4.40 per U.S. Dollar. (WCY 1984, p.65) | 4.400 |
| 30 July 1971 | The unit was cut to $a4.70 per U.S. Dollar. A Resident Travel Rate was created via an exchange tax. (WCY 1984, p.65) | 4.700 |
| 15 August 1971 | With the floating of the U.S. Dollar, the exchange rate relationship to the Greenback remained unchanged, thus paralleling the de facto devaluation of the American unit. (WCY 1984, p.65) | |
| 25 August 1971 | The Peso's Official Rate was cut to $a5.00 per U.S. Dollar. (WCY 1984, p.65) | 5.000 |
| 20 September 1971 | A two-tier foreign exchange market was created, composed of a fluctuating Financial Exchange Market and a Commercial Exchange Market at the fixed Official Rate of $a5.00 per U.S. Dollar.
At the same time, a Mixed Rate was established, resulting from periodically adjusted percentages of foreign trade transactions conducted in both exchange markets. (WCY 1984, p.65) | |
| 18 December 1971 | Following the de jure devaluation of the U.S. Dollar, the exchange rate relationship of the Peso to the Greenback was not altered. thus devalusing the Peso's gold content by 7.89%. (WCY 1984, p.65) | |
| 18 September 1972 | The exchange tax on the Resident Travel Rate was raised from $a0.50 to $a2.00 per U.S. Dollar, further devaluing this currency variety. (WCY 1984, p.65) | |
| 20 February 1973 | With the second U.S. Dollar devaluation, Argentina announced that her currency's exchange rate structure against the American unit would remain unchanged, thereby reducing the Peso's gole content 10%. (WCY 1984, p.65) | |
| 31 December 1974 | | 5.000 |
| 3 January 1975 | The exchange tax on the Resident Travel Rate was lifted to $a4.00 per U.S. Dollar, again cutting this Peso category. (WCY 1984, p.65) | |
| 3 March 1975 | The series of minidevaluations was resumed with the varieties of the Peso periodically reduced. (WCY 1984, p.65) | |
| 25 August 1975 | With the devaluations, a Special Financial Peso Rate was also introduced. (WCY 1984, p.65) | |
| 31 December 1975 | | 34.500 |
| 7 January 1976 | An Official Fluctuating Free Market for the Peso was established for tourism and foreign travel, thus abolishing the Resident Travel Rate. (WCY 1984, p.65) | |
| 15 January 1976 | The exchange tax of $a4.00 per U.S. Dollar was removed. (WCY 1984, p.65) | |
| 19 January 1976 | An additional series of Mixed Rates was introduced. All payments for exports and imports were settled at the Financial Peso Rate plus a 20% export bonus or 20% import surcharge. Certain export proceeds could be liquidated 97% at the Financial Peso Rate and 3% at the Official Fluctuating Free Market Rate. The Financial Peso Rate remained applicable to repaymetn of foreign credits, while the Special Financial Rat applied to payments for invisibles connected with foreign trade. All other transactions, including profit remittances and capital transfers, were channeled through the Official Fluctuating Free Market. (WCY 1986-1987, p.214) | |
| 6 March 1976 | The Financial Peso Rate and Special Financial Rate were merged into a single, fixed Official Rate of $a140.00 per Greenback. (WCY 1984, p.65) | 140.000 |
| 5 April 1976 | A two-tier exchange structure was introduced, composed of the Official Rate along with an Official Fluctuating Free Market Rate. At the same time, another series of Mixed Rates was created. (WCY 1984, p.65) | |
| 22 November 1976 | The Rate Structure was merged and unified into the Official Fluctuating Free Market Rate, applicable to virtually all transactions except currency-swap operations with the Central Bank, to which the Official Rate still applied. (WCY 1984, p.65) | |
| 31 December 1976 | | 140.000 |
| 1 July 1977 | The currency-swap transactions were suspended, thus making the Official Rate of $a140.00 per U.S. Dollar inoperative. (WCY 1984, p.65) | |
| 12 May 1978 | The system of minidevaluations was theoretically abandoned, and the Peso was placed on a controlled, floating basis. However, the minidevaluation system subsequently remained in effect. (WCY 1984, p.66) | |
| 21 December 1978 | Buenos Aires began issuing several months in advance a schedule of daily exchange rates adding up to a predetermined total monthly depreciation. (WCY 1984, p.66) | |
| 31 December 1978 | | 1,003.500 |
| 31 December 1979 | | 1,618.500 |
| 31 December 1980 | | 1,992.500 |
| 2 February 1981 | The Peso was devalued 9.1% to $a2,232/2,242 per U.S. Dollar(WCY 1984, p.66). | 2,232.000-2,242.000 |
| 2 April 1981 | The Peso was devalued 22.7% to $a3,050/3,100 per U.S. Dollar(WCY 1984, p.66). | 3,050.000-3,100.000 |
| 1 June 1981 | The Peso was devalued 23% to $a4,259 per U.S. Dollar(WCY 1984, p.66). | 4,259.000 |
| 22 June 1981 | A two-tier exchange rate structure was reestablished, changing the Official Fluctuating Free Market Rate into a controlled, floating Commercial Peso Rate for imports and exports as well as the amortization of foreign loans, and a freely fluctuating Financial Peso Rate for all other transactions(WCY 1984, p.66) | |
| 24 December 1981 | The Commercial Peso Rate was merged with the Financial Peso Rate, a de facto devaluation, thus creating a controlled, floating Effective Rate and eliminating the Mixed Rate. (WCY 1984, p.66) | |
| 31 December 1981 | | 7,248.000 |
| 5 May 1982 | A tax of $a1,000 per U.S. Dollar was levied on all export proceeds, the equivalent of a 7% surcharge. (WCY 1984, p.66) | |
| 5 July 1982 | A two-tier exchange rate system was again reinstated, with a controlled, floating Commercial Peso Rate (initially set at $a20,000 per U.S. Dollar) made applicable to exports and imports and a freely fluctuating Financial Peso Rate (initially set at $a40,000 per U.S. Dollar) applicable to all other transactions. Various taxs and retentions on foreign trade and debt repayments also created numerous de facto exchange rates. (WCY 1984, p.66) | |
| 13 September 1982 | A Mixed Rate was devised, whereby importers and exporters settled their transactions 15% at the Financial Peso Rate and 85% at the Commercial Peso Rate. (WCY 1984, p.66) | |
| 1 October 1982 | The Mixed Rate was devalued to 80% settlement at the Commercial Peso Rate and 20% at the Financial Peso Rate. (WCY 1984, p.66) | |
| 1 November 1982 | The two exchange rates were again merged into the controlled, floating Effective Rate initially set at $a39,000 per U.S. Dollar, and the Mixed Rate was abolished. The Effective Rate was periodically downgraded. (WCY 1984, p.66) | 39,000.000 |
| 31 December 1982 | 48500.00 | |
| 1 June 1983 | Argentina replaced the old currency at an exchange of 10,000 old Pesos for 1.00 new Peso. The depreciation of Buenos Aires' unit continued. (WCY 1984, p.66) | |
| 31 December 1983 | | 23.260 |
| 31 December 1984 | | 178.740 |
| 14 June 1985 | The Peso Argentino was replaced with a new currency, the Austral, at an exchange of 1,000 old Pesos for 1.00 Austral (A). A fixed Official Rate of 0.80 Australes per U.S. Dollar was established, thus abolishing the Effective Rate. (WCY 1985, p.65) | 0.800 |
| 31 December 1985 | | 0.800 |
| 1986 | Swept under by turbulant inflation, the Austral was depreciated a total of 39.8% in 1986, closing the year at A1.331 per U.S. Dollar. Mini and later Maxi devaluations continued in 1987. (WCY 1988-1989, p.219) | |
| 7 April 1986 | The Austral was devalued 3.61% to A0.83 per U.S. Dollar, and the new Official Rate became subject to daily settlings and inteerspersed with larger downgradings. The numerous other exchane rates resulting from taxes and retentions on exports, imports and foreign debt repayments continued to be revised periodically. (WCY 1986-1987, p.215) | 0.830 |
| 31 December 1986 | | 1.330 |
| 1987 | The Official Rate was cut 64.4%. (WCY 1988-1989, p.219) | |
| 14 October 1987 | After undergoing devaluations of 11.5% and 10.8% to A3.50 per Greenback, a tow-tier exchange rate system was established. The Official (Commercial) Rate was fixed at A3.50 per U.S. Dollar and was applicable to practically all merchandise trade, all public sector dealings including sservicing of public guaranteed debt, disbursement and amortization of loans from international organizations, amortization and financing of all private sector loans disbursed through October 9, 1987 and the servicing of debt contracted through the official market. All other transactions were to be made at the Free (Financial) Rate which was to be marekt-determined. (WCY 1988-1989, p.219) | 3.500 |
| 30 December 1987 | The Official Rate was downgraded to A3.75 per U.S. Dollar and trade-related service payments were shifted from the Official to the Free Rate. (WCY 1988-1989, p219) | 3.750 |
| 3 August 1988 | After undergoing a number of mini-devaluations in 1988, the exchange rate system was completely devised. The Commercial Austral was devalued 10.5% to A12.00 per U.S. Dollar and frozen until the end of the month. The Financial Austral was no longer to be market-determine, but would be supported in a "dirty float" by a daily auction of foreign currency starting at an intervention rate of A14.40 per Greenback. An Export Rate was created based on the conversion of export receipts from industrial products at 50% of the Commercial Rate and 50% at the Financial Rate. (WCY 1988-1989, p.219) | 12.000 |
| 1 October 1988 | The Commercial Austral was devalued 3%. (WCY 1988-1989, p.219) | |
| 31 December 1988 | | 13.370 |
| 2 February 1989 | An additional Export Rate was created whereby proceeds from certain farm exports could be converted 10% at the Free Financial Rate and 90% at the Official Commercial Rate. (WCY 1988-1989, p.219) | |
| 6 February 1989 | A new three-tier exchange rate system was introduced, replacing the dual rates. A Fixed Commercial Rate was made applicable to agricultrual and some industrial exports, a Special Rate, to be set at a level 25% more depreciated than the Commercial Rate, was to govern the remainder of exports and most imports and a Free Market Rate was to be applied to service and capital-related transactions. (WCY 1990-1993, p.218) | |
| 21 February 1989 | The mix for agricultural exports was 20% at the Financial, 30% at the Special and 50% at the Commercial Rate. (WCY 1988-1989, p.219) | |
| 5 April 1989 | The Commercial Rate was devalued 21% to A20.08 per U.S. Dollar, the Special Rate was abolished and export receipts and import payments were to be transacted at 50% of the Commercial and Financial Rates. (WCY 1988-1989, p.219) | |
| 17 April 1989 | The Official Rate was abolished and all dealings were to take place at a Free Market Rate. However, a Reference Rate of A36.00 per U.S. Dollar was established for the Conversion of export proceeds. (WCY 1988-1989, p.219) | |
| 2 May 1989 | The Reference Rate was abolished but export proceeds became subject to a 20% tax. (WCY 1988-1989, p.219) | |
| 30 May 1989 | The Free Market Rate was abandoned and a fixed Official Rate at A175.00 per Greenback was set. All other currency trading was termed illegal. Subsequently, the rate was subjected to periodic minidevaluations. (WCY 1990-1993, p.218) | 175.000 |
| 1 July 1989 | he Fixed Official Rate was devalued to A300 per U.S. Dollar. (WCY 1990-1993, p.218) | 300.000 |
| 10 July 1989 | The Fixed Official Rate was devalued to A650 per U.S. Dollar. (WCY 1990-1993, p.218) | 650.000 |
| 12 December 1989 | he Fixed Official Rate was devalued to A1000 per U.S. Dollar. A Free Market Rate was established for financial transactions. (WCY 1990-1993, p.218) | 1,000.000 |
| 20 December 1989 | The exchange rate system was again unified for all dealings under a Free Floating Rate to be determined by market forces. (WCY 1990-1993, p.218) | |
| 31 December 1989 | | 1,950.000 |
| 31 December 1990 | | 5,585.000 |
| 29 January 1991 | A "crawling peg" exchange rate adustment mechanism was introduced for the Austral with pre-announced intervention limits. (WCY 1990-1993, p.218) | |
| 19 March 1991 | The Austral was linked to the U.S. Dollar at a Fixed Official Rate of A9,700/A10,000 per U.S. Dollar buying and selling. The unit was made freely convertible and was to have 100% backing in gold and foreign exchange reserves. (WCY 1990-1993, p.218) | |
| 22 March 1991 | Export taxes were eliminated, abolishing the dual Export Rates. (WCY 1990-1993, p.218) | |
| 31 December 1991 | | 9,985.000 |
| 1 January 1992 | The Austral was replaced by the Peso (arg$) at an exchange of 10,000 old for 1 new unit. The Peg to the U.S. Dollar was at arg$0.990/0.991 bying and selling. All transactions incurrency could be made on the free market at freely negotiated rates. (WCY 1990-1993, p.218) | 0.991 |
| 31 December 1992 | | 0.990 |
| 31 December 1993 | | 0.999 |
| 31 December 1994 | | 0.999 |
| 31 December 1995 | | 1.000 |
Notes:
Annotation of the exchange rates listed in the right column of the table.
1. 1967-03-13--1969-12-31: Official Rate of the old Peso (M$N).
2. 1970-01-01--1981-06-21: Official Rate of the Peso Argentino ($a).
3. 1981-06-22--1983-05-31: Effective Rate of the Old Peso.
4. 1983-06-01--1985-06-13: Effective Rate of the New Peso.
5. 1985-06-14--1989-04-16: Official Rate of Austral.
6. 1989-04-17---1989-05-30: Free Market Rate.
7. 1989-05-30---1989-12-20: Official Rate subject to periodic minidevaluations.
8. 1989-12-20---1991-01-29: Free Floating Rate
9. 1991-03-19---1992-01-01: Official Fixed Rate of Austral.
10. 1992-01-01---: Official Rate of Peso.
