The year 2024 witnessed a surprising revaluation of the Argentine peso, which became the currency that appreciated the most in the world. According to a report from GMA Capital, the Argentine peso recorded a real appreciation of 40% since December 2023.
The analysis highlighted that the Argentine peso outperformed the performance of the Turkish lira, which appreciated by 16.5% in the same period. The podium was completed with the Malaysian ringgit. On the other end, among the countries with the most depreciated currencies are Brazil, Mexico, and Hungary. Also on that list are South Korea, Sweden, Colombia, Chile, the Philippines, Japan, and the Czech Republic. Meanwhile, Brazil, Argentina's main trading partner, devalued by 12.8% in the first 10 months of the year.
The Argentine peso was the currency that appreciated the most in the world in 2024
The revaluation of the Argentine peso in 2024 was a significant event in the global economic context, and the appreciation of the peso is explained by the current exchange rate scheme:
Government economic policies: The exchange rate scheme implemented by the government, which includes a currency control and a monthly devaluation of 2%.
Economic growth: The Argentine economy experienced a growth of 2.5% in 2024.
Inflation control: Inflation remained at relatively low levels, reaching 80% in 2023.
Foreign investment: Foreign investment in Argentina increased significantly in 2024.
Comparison with other South American currencies, the Argentine peso outperformed other South American currencies in terms of appreciation.
Experts predict that the Argentine peso will continue to appreciate, albeit with risks of volatility. Factors such as the evolution of the global economy, government policies, and inflation will influence its behavior.