Argentina’s black-market peso totters 4.56% to record low as economy contracts again


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Argentina’s black-market peso totters 4.56% to record low as economy contracts again

On Monday, the 23rd of December 2019, Argentine Peso had devalued as much as 4.56 per cent against the American dollar in Argentina’s black market, while official prices of Argentine currency remained at a touching distance to its all-time low, wrapped up Monday’s (December 23rd) market down by 0.32 per cent to 59.93 peso against the US currency, as Argentine FX markets seemed to have stomached another set of slanderous economic data showing the nation’s grief-sickened economy had contracted 0.9 per cent on a year-on-year basis, a majority of which was brewed off an en masse privatization of the government entities under the terms of former pro-market oriented President Mauricio Macri, suggested analysts.

In point of fact, the Argentine Peso had pummelled more than 83 per cent this year, while its steep nosedive appeared to be stalling after the LATAM nation’s newly elected president centre-left Alberto Fernandez had taken the office less than two weeks earlier, nonetheless Monday’s (December 23rd) disdainful data had offset steams of a basket of recently announced economic stimulus.

If truth is to be told, Argentina’s newly elected president, Fernandez, who was sworn to take the office on December 10th, perhaps would face off some of the world’s steepest challenges including reviving a stagnant economy which had shrunk for three years in a row, downsizing an inflation that had been raging over 50 per cent, alongside reconstruction of a debt-pile of $100 billion from international bondholders alongside IMF (International Monetary Fund).