The current currency in Argentina is the Argentine peso. The ISO code is “ARS”. The symbol of the Argentine peso is “$”; It is abbreviated with “arg $”.
History of the Argentine Currency
The Argentine peso came into effect on January 1, 1992 and is used exclusively as a means of payment in Argentina.
Until January 10, 2002, the Argentine peso was legally pegged to the US dollar. During this time, there were only very slight fluctuations in value. The currency was released due to the collapse of the Argentine financial system at the end of 2001, the Argentina crisis. The peso experienced a devaluation of around 30%.
In the first half of 2002 the Argentine currency continued to depreciate drastically, along with the national bankruptcy.
Due to the intervention of the Argentine Central Bank, there was a recovery in the means of payment. Since then, the value has been stable compared to the dollar. However, since the equivalent is very low, dollar bills are very welcome in Argentina. No other country whose currency is not the US dollar has as many dollars per capita as the Argentines.
Since spring 2012 it has only been possible to buy foreign currency in exceptional cases. The main reason for this is the restrictive policy in this regard, which severely hinders the buying and selling of foreign currencies. As a result, the dollar’s value rose dramatically on the black market, currently about 30% above the official exchange rate. Argentine politicians are trying to counteract the negative development with quite unusual measures: they exchange their private wealth from dollars for pesos to support the local currency.
There are currently no positive, value-enhancing impulses from outside, as can be seen in comparable emerging markets, for the Argentine peso. The value is continuously falling against the euro. The exchange rate can be found on a daily basis with the currency converter.
Exchange into Argentine pesos
In Germany, Argentine pesos are not available; So if you want to travel to Argentina, you have to resort to the change options there.
The money can be changed in designated exchange offices and small shops. However, you have to reckon with sometimes very high surcharges from the operators.
EC cards with a Maestro function prove to be the most beneficial, as they can be used to get Argentine money at ATMs at the bank’s usual exchange rates. It is also advisable to take cash with you in the form of US dollars. These are available from any bank in Germany.