Politics 99% loss of value in peso in my time, momentous day

[AlfredCollins]

Today, April 17, 2023, marks the day that yours truly has seen a 99% percent drop in the value of the peso's fx rate (for the masses) with USD, from 4.03:1 to 403:1 . Cool to have converted at both rates (sheds a tear, awaits the Tshirt).

Even the dollar took about 90 years to achieve this feat (1933 to the present, in it's fx rate with XAU).

We should call it the 99% club and use it as a unit of measurement for time as expat.

Jokes aside, "Baby's First Hiper" would make a great shirt for the holidays.

 

[RichardOne]

Today, April 17, 2023, marks the day that yours truly has seen a 99% percent drop in the value of the peso's fx rate (for the masses) with USD, from 4.03:1 to 403:1 . Cool to have converted at both rates (sheds a tear, awaits the Tshirt).

Even the dollar took about 90 years to achieve this feat (1933 to the present, in it's fx rate with XAU).

We should call it the 99% club and use it as a unit of measurement for time as expat.

Jokes aside, "Baby's First Hiper" would make a great shirt for the holidays.

Pls. Explain..?

 

[AlfredCollins]

4.03 is one percent of 403....i believe that's how the devaluation measurement would be calculated (not to be confused with the thousands-percent inflation metric). The peso of the 4.03 times has exactly 99% less purchasing power today.

PS...did, it closed at 408..so it lost 99 and a little decimal percent).

 

[ArielVanch]

First time I traded dollars for pesos was in 2013 at ~ 8:1, saw today CCL/Blue both hit $410 for a bit, made me think of my father who was born in the 40s tell my brother and I about how coke was 10¢ when he was a kid and we'd laugh.

I used to get a bottle of iced tea (when it was available here, seems I was the only one who'd buy it) for 6 pesos at the kiosko, I think it was $220 last week for an Aquarius. My husband jokes about this with our nephew when he wants money for his birthday now "When I was your age $100 pesos was worth $40,000 pesos today". We're in our early 30s

 

[earlyretirement]

This post brings back memories. I remember when I first moved to Argentina in 2003. The exchange rate was actually less than 3 pesos to $1 US. 100 peso bills were actually worth something.

For many years it was actually fairly stable. It's been wild watching how horrible the economy is there. I've said it before and I'll say it again, short of some country invading Argentina and blowing up all the laws and systems and starting all over from scratch...... I don't see any possibility of systemic change for Argentina. It's broken.

The best you can do is hold your savings in another stable currency and just exchange as needed. And hope to God you can find some work where you can earn in US dollars. Many, many friends that have hung in there and stayed in Argentina have finally threw in the towel and moved out of the country to Spain.

Historical exchange rates of Argentine currency - Wikipedia

en.wikipedia.org