The Argentinian peso lost further value on the unofficial market on Monday as the government announced new measures to boost its dwindling foreign exchange reserves as it negotiated a plan to repay its loans with the International Monetary Fund.
The US dollar recorded 550 pesos on the black market, compared to 528 last week, as the government announced it was taking steps to stimulate exports and limit imports.
Many Argentinians resort to converting their savings in the local currency into dollars, considering that this is the only defensive means to confront rampant inflation, which jumped in 2020 to its highest level in three decades, recording 94.8 percent.
The country's foreign exchange reserves, estimated at $44 billion in January, fell to just over $25 billion.
In the first half of this year, Argentina's trade deficit reached $4.4 billion.