Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
Al Mayadeen correspondent: The first ship of the Maghrebi fleet delivering aid to break the siege on Gaza departs from the port of Gammarth in Tunisia.
Channel 12: Airspace closed at Ramon Airport due to fears of drone infiltration
IOF Spokesperson: Sirens sounded over an aircraft infiltration in the Bir Ora area, and details are being examined
Drone infiltration sirens sound north of the Gulf of Aqaba
Al Mayadeen's correspondent in Gaza: The Israeli occupation carried out five extremely violent raids on the western areas of Gaza City
Al Mayadeen's correspondent in Gaza: The Israeli occupation carried out major bombings in the Gaza Strip, the most violent since October 7
Yemeni Armed Forces spokesperson Brigadier General Yahya Saree: The missile force carried out a major operation using the Palestine 2 ballistic hypersonic missile, hitting several targets in occupied Yafa.
Sirens sound in large areas of occupied Palestine after a missile launch from Yemen was detected
Al Mayadeen's correspondent: 14 martyrs arrive at al-Shifa Hospital following Israeli massacre of al-Sultan Family north of Gaza.
Qatari PM: We must not surrender to the arrogance of extremists and pursue our quest for a 'two-state solution'

Argentina peso drops against dollar after right-wingers win primaries

  • By Al Mayadeen English
  • Source: Agencies
  • 15 Aug 2023 00:04
3 Min Read

With Milei scoring 30 percent of votes, the election's results were seen as a rejection of traditional political groupings that have failed to solve the country's crushing debt crisis.

  • x
  • In this photo taken on August 15, 2019 a cashier counts Argentine pesos bills at a supermarket in Buenos Aires. (AFP)
    In this photo taken on August 15, 2019 a cashier counts Argentine pesos bills at a supermarket in Buenos Aires (AFP)

Argentine's central bank devalued the peso by 20 percent on Monday after following the shocking win of far-right libertarian Javier Milei in Sunday's presidential primary elections. 

Although the general elections are due to be held in October, the primaries have rocked the country to its core as Milei has proposed a controversial measure to dollarize the country's economy.

With Milei scoring 30 percent of votes, the election's results were seen as a rejection of traditional political groupings that have failed to solve the country's crushing debt crisis.

The peso on Monday traded at 365.50 to the dollar, up from 298.50 on Friday -- the largest devaluation of the 'official dollar rate' in a single day since December 2015.

As for the informal market's "blue dollar," the currency was trading at about 680 pesos.    

Read more: Far-right presidential candidate shockingly tops Argentina primaries

Related News

'Hunger doesn’t wait': Argentines protest stringent austerity measures

Argentina far-right Javier Milei wins presidency, not to join BRICS

The incumbent President Alberto Fernandez, who has become deeply unpopular due to a staggering year-on-year inflation rate of 115 percent, soaring poverty rates, and the plummeting value of the peso, will not seek reelection.

To address the economic challenges and dwindling foreign reserves, the government has implemented stringent currency controls and increased import taxes on businesses to stabilize the dollar.

Discontent with the present center-left administration, represented by Massa and his Union por la Patria party, as well as the right-wing opposition coalition Juntos por El Cambio (Together for Change), led by Bullrich, has created an opportunity for other candidates to gain ground.

Among them is the libertarian Milei, who holds far-right views on both the cultural and economic aspects, as he has promised to "blow up" the political status quo, shut down the central bank, dollarize the economy, and massively shrink the state. He also admires former US President Donald Trump and Brazil's ex-leader Jair Bolsonaro.

With a voting-eligible population of 35.4 million, the primary election on Sunday is considered a significant indicator of the potential winner of the general election, particularly if one candidate manages to distinguish themselves from the rest.

The trio of candidates will now advance to the first-round vote scheduled for October 22, followed by a possible runoff on November 19.

Read more: Argentina and Brazil inching closer to common currency for trade

  • Argentina Elections
  • Argentina
  • Argentine Peso

Most Read

The damaged building in the Katara neighborhood, Doha, Qatar, September 9, 2025 (Social media)

Hamas delegation survives Israeli assassination attempt in Qatar

  • Politics
  • 9 Sep 2025
Israeli police and rescue teams respond at the scene of a shooting attack where several people killed and injured in Jerusalem, Monday, Sept. 8, 2025 (AP)

Al-Quds shooting: 7 settlers killed, several critically injured

  • Politics
  • 8 Sep 2025
Pro-"Israel" conservative Charlie Kirk shot during Utah speech

Pro-'Israel' far-right Charlie Kirk shot dead during Utah speech

  • US & Canada
  • 11 Sep 2025
Damage sustained after a Yemeni drone exploded in Ramon Airport, southern occupied Palestine, Sunday, September 7, 2025 (Social Media)

Yemeni drone successfully hits Ramon Airport in southern Palestine

  • Politics
  • 7 Sep 2025

Coverage

All
The Ummah's Martyrs

Read Next

All
Palestinians run for cover during an Israeli military strike on a building in Gaza City, Saturday, Sept. 13, 2025. (AP Photo/Yousef Al Zanoun)
Politics

Israeli bombs kill 45 in Gaza as schools, homes targeted

Lapid: Egypt’s Arab Force plan a 'severe blow' to normalization
Palestine

Lapid: Egypt’s Arab Force plan a 'severe blow' to normalization

Hamas: Over one million in Gaza face ethnic cleansing
Palestine

Over one million in Gaza face ethnic cleansing: Palestinian Resistance

Head of the National Security Committee in Iran’s Parliament, MP Ebrahim Azizi. (Tasnim News Agency)
Politics

Iran parliament security chief: NPT exit on table if snapback invoked

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS