Argentina’s push to cut its reliance on the US dollar for trade and debt payments is facing headwinds from the deepening plunge of its own currency, the peso.
The US currency rocketed 4,800% against its Argentine counterpart over the decade through June, and the trend has accelerated in recent years as the South American nation battled hyperinflation and mounting debt troubles. The country’s external debt hit 45% of its GDP as of end-2022, CEIC data show. Consumer prices surged 114% in May from a year earlier.
