The price of the Argentine peso on the black market drops 4.56% to the lowest level ever

Various classes of Argentine peso in an image from Reuters archive.

BUENOS AIRES (Reuters) – Argentine pesos on the black market fell 4.56 percent on Monday to an all-time low of 76.75 against the US dollar, dealers said.

They added that the local currency was hit by new government data showing that economic activity in Argentina contracted by 0.9 percent in October compared to the same month last year.

The official price of the peso fell just 0.29 percent on Monday to 59.99 against the greenback.

The peso has suffered losses of more than 83 percent over the past four years under the administration of former President Mauricio Macri, a free-market defender whose term ended on December 10.

He was succeeded by center-left Alberto Fernandez, who says he will increase the role of government in Latin America’s third largest economy in an effort to stimulate growth and reduce poverty.

Fernandez was sworn in as president of Argentina two weeks ago to face a stagnant economy and inflation at levels above 50 percent and negotiations are about to start with bond owners and the International Monetary Fund to restructure about $ 100 billion in debt the government says it cannot pay in full.

Wajdi Al-Alfy prepared for the Arab Bulletin

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