the Central Bank devalues, fixes the official dollar at $350 and raises the rate to 118%

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After the surprising triumph of Javier Milei of La Libertad Avanza in the Paso elections, the Central Bank set the value of the official dollar at $350, in a devaluation of the peso of more than 20%.

Milei’s triumph: the Central Bank devalues ​​the peso and sets the official dollar at $350

The first impact of the Paso came from the wholesale market. The official exchange rate earns $62.65 on the day or 21.8%, at 350 pesos, a price that today is equal to the so-called agricultural dollar to encourage exports.

This also means that importers will now pay much more for the dollar.

On the other hand, in line with this drastic measure, the BCRA resolved to raise the monetary policy rate (including that of the traditional fixed term) by 21 percentage points, up to 118%.

The measure is equivalent to a 20% devaluation in a single day.