Argentine Peso

Overview

The Argentine Peso (ARS) is the currency unit for Argentina. The Peso symbol is the same as the dollar sign ($). The Peso is subdivided into centavos; 1 Peso = 100 centavos. The previous currency of Argentina was also called the Peso; however, the currency evolved and fewer zeros are currently being used.

History

• Before 1826, the Spanish silver eight-real coin was named the Peso. After Argentina became independent, the country started using new coin denominations: Escudos, Soles, and Reales. The coins were in circulation until 1881.
• From 1881, to 1969 the silver and gold Pesos were introduced. The gold coin denominations were 2½ and 5 Pesos, the silver coins were 5, 10, 20, and 50 centavos, as well as 1 Peso, and the copper coins were 1 and 2 centavos.
• From 1970 to 1983, the "Peso Ley" replaced the previous peso; 1 Peso Ley = 100 Pesos Nacionale.
• From 1983 to 1991, the Peso was replaced by the previous currencies.
• In 1992, the last Peso was introduced and is referred to by the international market as the Peso Convertible. A fixed exchange rate was established between the Central Bank of Argentina and the United States Dollar at a rate of 1 USD = 1 Peso. The agreement expired in 2001.
• After 2001, the fixed agreement with the USA expired, and since 2002, the exchange rate has been fluctuating.

Economy

• Argentina’s economy is rated as a higher middle economy.
• The economy is sustained by the abundance of natural resources, a diverse industry base, and an export-focused agricultural program.
• During the early twentieth century Argentina was considered the richest country in the southern hemisphere.
• The top industries are appliances, electronics, textiles, beverages, furniture, printing, chemicals, pharmaceuticals, motor vehicles, and food processing.
• Export products are soybeans, natural gas, aluminum, steel, refined fuel, machinery, vegetable products, and other industry products.
• Import products are mainly capital goods, consumer durables for the automotive industry, freight vehicles, lubricants, and refined fuel.