Argentina devalues peso

Argentina’s economy minister announced a sharp devaluation of the peso, overriding foreign investors’ concerns and ending a decade-long policy pegging the currency one-to-one with the US dollar.

Announcing what many expect to be a tricky-to-manage dual exchange rate, economy minister Jorge Remes Lenicov said yesterday that 1.4 pesos would now buy 1 dollar for import, export and other capital transactions, while individual Argentines would have to buy hard currency on the open market.