Argentina's monetary system. Argentine Peso, currency of Argentina

Currency sign: Arg$

ISO4217 code: ARS 032

The Argentine Peso is the currency of the state of Argentina. In the past, Argentina's currency was also called the "peso", now previous issues pesos have other names (peso national currency, Peso Law No. 18188, Argentine Peso, etc.). The modern currency of Argentina was introduced after the abolition of the Austral in 1992. The peso exchange rate fluctuated around 3 pesos per US dollar from 2002 to 2008, and is around 4 pesos from 2009 to 2011. In order to maintain the peso exchange rate, there were periodic purchases of US dollars by the Central Bank.

In circulation there are banknotes in denominations of 100, 50, 20, 10, 5 and 2 pesos, coins in denominations of 1, 2 and 5 pesos, as well as coins in denominations of 50, 25, 10, 5 and 1 centavo.

Argentine peso coins

In the center of the obverse of the coin is the official motto of Argentina "EN UNION Y LIBERTAD" "In Union and Freedom", framed by a laurel wreath

In the center of the obverse of the coin is the “May Sun” (symbol of the Inca god Inti), above the sun there is an inscription in Spanish “REPUBLICA ARGENTINA” - Argentine Republic, below is written the official motto of Argentina “EN UNION Y LIBERTAD” - “In Union and Freedom”

In the center of the obverse of the coin is the coat of arms of the Argentine Republic.

In the center of the obverse of the coin is the City Hall of Buenos Aires

In the center of the obverse of the coin is the "House of Independence" in the city of Tucuman

On the reverse of the coin, on the outer ring, the denomination is indicated in Spanish in words at the top, and the date of minting is indicated at the bottom; on the inner disk is a copy of the design of the reverse of the first Argentine coins minted in 1813, on which around the circumference is the inscription in Spanish “PROVINCIAS DEL RIO DE LA PLATA” - “Provinces of the Rio de la Plata”, and in the center is the “Sun of May”.

In the center of the obverse of the coin there is a copy of the design of the obverse of the first Argentine coins minted in 1813, on which around the circumference there was an inscription in Spanish "EN UNION Y LIBERTAD·PTS·J·8S" the motto "In Union and Freedom", and in the center was the coat of arms of the Provinces Rio de la Plata. On the outer ring of the obverse there is an inscription in Spanish at the top "REPUBLICA ARGENTINA" Argentine Republic, at the bottom there is an inscription in Spanish "PRIMERA MONEDA PATRIA" - the first currency of the country.

Argentine peso bills

2 Argentine pesos- on the obverse of the banknote there is a portrait of B. Miter

2 Argentine pesos- on the reverse of the banknote there is a picture of the B. Miter Museum

5 Argentine pesos- the obverse of the banknote depicts a portrait of José de San Martin

5 Argentine pesos- on the reverse of the banknote there is a fragment of the monument of glory in Mendoza

10 Argentine pesos- the obverse of the banknote depicts a portrait of Manuel Belgrano

10 Argentine pesos- the reverse of the banknote depicts the Monument to the Banner in Rosario

20 Argentine pesos- the obverse of the banknote depicts a portrait of Juan Manuel de Rosas

20 Argentine pesos- on the reverse of the banknote is depicted sea ​​battle under Obligado

50 Argentine pesos- on the obverse of the banknote there is a portrait of Domingo Faustino Sarmiento

50 Argentine pesos- the reverse of the banknote shows the government building

100 Argentine pesos- the obverse of the banknote depicts a portrait of Julio Roca

100 Argentine pesos- the reverse of the banknote depicts riders who arrived in new territories

Argentina is a stunning country in the southeast South America. You can pay there only by exchanging rubles and dollars for Argentine pesos. It is a currency with a rich history and a beautiful Brazilian name.

History of Argentina

The appearance of Argentina on the map dates back to 1535. It was then that representatives of various Indian tribes inhabited the territory of the future Argentina. The Spanish conquistadors, led by Pedro de Mendoza, arrived in this territory and founded the city of Buenos Aires there. Under the auspices of Spain, the Vice Kingdom of Rio de la Plata was formed around the new city, which included territories modern countries: Argentina, Paraguay, Bolivia, Uruguay. Buenos Aires became the capital of the Viceroyalty.

In 1816, the territories were recognized as independent from Spain and divided into separate countries. After a row civil wars and the conflict with Brazil, Argentina finally defined itself as a separate country. Argentina's history is full of dictatorial rulers. Almost all Argentine leaders were military men, so discipline was the main criterion for all processes and citizens of this country.

Modern Argentina is a civilized state with an established, strong democracy. However, the economy is at a low level. The 2001 default hit Argentina's economy hard. Now it is slowly beginning to recover from the crisis.

Currency: coins and banknotes

The currency of the hot country is the Argentine peso. The word "peso" means "small" in Spanish. This name for the currency is characteristic of Spanish culture. The very first currency, which was called the “peso,” functioned until 1987, and then was replaced by the Argentine austrel. The currency crisis of 1992 returned the currency to its original name.

The Argentine peso to ruble exchange rate is now 5.12 rubles. for one Argentine peso. As for the American equivalent, the dollar, the Argentine peso is 0.07 USD in relation to the dollar. In order to buy a dollar, you will have to pay 15.04 Argentine pesos. 100 centavos equal one Argentine peso, similar to the Russian ruble and kopecks.

Portraits of great figures who made a significant contribution to the history of the country are rightfully featured on Argentine banknotes. For example, Jose de San Martin, a fighter for independence from Spain, adorns the 5 pesos bill. The 100 pesos depicts the President of Argentina at the end of the 19th century, Julio Roque.

Space for the digital denomination is provided in the lower right and upper left corners of the bill. The reverse sides of the bills are decorated with architectural monuments and moments of historical events: the Monument of National Glory in Mendoza (5 pesos), naval battle at Obligado (20 pesos).

Coins and banknotes are issued by the National Mint of Argentina. The coins have a perfectly round shape. The reverse reflects the denomination of the coin and the stylistic ornament; the obverse features the country's coat of arms and the emblem of the Central Bank of Argentina.

Tourists can exchange currency at any big city Argentina. In addition, you can meet money changers who can offer a more favorable quote. The commission for currency exchange in official institutions reaches 3%.

One of the most stable and in demand in the world. However, like many other currencies Latin America In the 20th century, the Argentine peso experienced a series of periods of hyperinflation and monetary reforms caused by the low diversification of the economy (which made it weakly resistant to crises) and the populist measures of various governments.

Before 1826

The term "peso" was used until 1826 as the name of the old Spanish 8-real coin. After declaring independence, Argentina began minting its own coins in denominations of Argentine reais, sols and escudos, including coins with a denomination of 8 reais. These coins were in circulation until 1881 in parallel with decimal coins.

"Strong Peso" (Peso fuerte), 1826-1881

In 1826, the production of banknotes for two various types currencies denominated in pesos. The first, known as the "strong peso" ( peso fuerte, $F) (ISO 4217: ARF), was a convertible currency. 17 “strong pesos” were equivalent to 1 Spanish ounce (27.0643 g) of pure gold of 0.916 purity. In 1881, this currency was replaced by a “national currency” at a rate of 1:1.

"Current Peso Coin" (Peso moneda corriente), 1826-1881

In 1826, a non-convertible “walking peso coin” (peso moneda corriente, $m/c). Initially it was equated to the “strong peso”, but over time it lost value.

Although the Argentine Confederation issued coins in denominations of 1, 2 and 4 centavos in 1854, equating 100 centavos to 1 peso or 8 reales, decimal currency was not formally introduced until 1881. "The national currency is the peso" (peso moneda nacional, m$n or $m/n) replaced the previous currencies at the rate of 1 peso "national currency" = 8 reais = 1 "strong peso" = 25 pesos "current coin". Originally, the “national currency” peso coins were minted from silver and were known informally as “patacón.” However, after the economic crisis of 1890 silver coins were no longer minted.

However, at the beginning of the 20th century, the Argentine peso was still one of the most powerful and popular world currencies.

Gold and silver peso, 1881-1970

The gold coin since 1875 has been the gold "strong peso" weighing 1 2/3 grams of .900 gold, which was equivalent to 1.5 grams of pure gold as defined by Law No. 733 of 1875. This currency was based on the recommendations of the European Congress of Economists in Paris in 1867, and was also adopted in Japan in 1873 (the 5 Argentine “strong pesos” coin was equivalent to Japanese coin at 5 yen).

Coin system until 1881. Described by historians as "anarchist" ( anarquía monetaria). Law No. 1130 of 1881 put an end to "anarchy" and established a currency called the "coined gold peso" ( peso oro sellado, ISO 4217: A.R.G.), a coin weighing 1.612 grams of 900 gold (90%), as well as a silver peso, a coin weighing 25 grams of 900 silver. Gold coins in denominations of 5 and 2.5 pesos, silver coins in denominations of 50, 20, 10 and 5 centavos, and copper coins in denominations of 2 and 1 centavos were introduced into circulation.

Peso "national currency" (Peso moneda nacional), 1881-1970

Depreciated peso moneda corriente was replaced in 1881 by banknotes of the “national currency” ( moneda national, m$n or $m/n), ISO 4217: ARM) at the rate of 25 to 1. The new currency was used from 1881 to January 1, 1970. The design of the currency was changed twice, in 1899 and in 1942.

Initially, the peso m$n was convertible and equal to one gold peso (peso oro sellado). Convertibility was inconsistently maintained, the value of the currency in gold terms decreased and eventually the gold standard was abandoned in 1929 - then m$n 2.2727 was equal to one gold peso.

"Legal Peso" (Peso ley), 1970-1983

The "legal peso 18.188" (informally known as the "legal peso") replaced the previous currency at the rate of 1 "legal peso" per 100 "national currency" pesos.

Argentine peso (Peso argentine), 1983-1985

Argentine Peso ( $a) (ISO 4217: ARP) changed the previous currency at the rate of 1 Argentine peso to 10,000 “legal pesos” (or 1 million old pesos m$n). The new currency was introduced just before the fall of the generals' dictatorship and the country's return to democracy, on June 1, 1983. However, the new currency suffered rapid inflation and was replaced by a new currency, the austral, in June 1985.

Notes

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The currency of Argentina is the peso. Name of the Argentinean monetary unit quite common because pesos also go to Dominican Republic, Guinea-Bissau, Philippines.

Stages of development of the Argentine monetary system

Note that the national currency of Argentina has always had this name, but from time to time the government was forced to carry out monetary reform due to strong inflation. To determine the circulation period of currency in circulation, the following classification has been introduced:

• national currency peso (this is the very first stage);
• Peso Law No. 18188;
• Argentine peso.

Argentina's currency in its current form was issued by the country's Central Bank in 1992, after another monetary reform.

Coins in Argentina

The country's National Bank issued coins in denominations ranging from 1 centavo to 1 peso in 1992. I'd like to talk about appearance and technical characteristics of coins. The reverse of the 1 centavo coin (issued until 2001) featured a laurel wreath. Disc diameter - 16.2 mm, weight - 1.77 grams. Since the Argentine currency has been very unstable for more than 10 years, it is now the most small coin- 5 centavos. It is 1 mm larger in diameter and 0.48 grams heavier. This brass-plated steel disc features a stylized sun.

10 centavos is a very popular coin today. Its diameter is 18.2 mm, and the weight is identical to the previous coin. The coat of arms of Argentina appears on the reverse of this masterpiece. Just like in the Ukrainian gradation, the values ​​of coins after the “ten” are 25 centavos. This coin is much wider and heavier than the previous ones. Its diameter is 24.2 mm, and its weight is as much as 6.1 grams. The 25 centavo metal money depicts the city hall from the capital, Buenos Aires. On the 50 centavo coin - "House of Tucuman". It is 1 mm wider than the “twenty-five”, but 0.3 grams lighter. Like all other coins, it is always minted from aluminum bronze.

Well, we finally reached the denomination of 1 peso. The reverse bears the coat of arms of the United Provinces of South America. The diameter of the ring is 23 mm, weight - 6.35 grams. In 2010, the Bank of Argentina introduced a new original 2 pesos coin. Its rim is a ring made of copper and nickel alloy, and the middle is made of aluminum bronze. The painting is dedicated to the 200th anniversary of the May Revolution. Coin diameter - 24.5 mm, weight - 7.2 g.

Currency of Argentina: banknotes

Today, paper money is in circulation in denominations of 2, 5, 10, 20, 50 and 100 pesos. There are both old banknotes (1997-1999) and new ones (2015-2016).

The dimensions of the banknotes, unlike many other currencies of the world, are standard - 65 x 155 mm. Paper denominations differ from each other in colors and photographs.

The 2 peso note is issued in blue and red colors. On one side there is a photograph of the museum of B. Miter, and on the other - a portrait of the same person. 5 pesos is made in green and purple colors. On the obverse of the banknote there is a portrait of Jose de San Martin, and on the reverse there is a fragment of the Monument of Glory in the city of Mendoza. The Argentine currency with a face value of 10 pesos is a brown-green rectangle with a portrait of the famous figure Manuel Belgrano on the obverse and one of the monuments located in the city of Rosario.

Fans of red and yellow tones will definitely like the 20 pesos bill with a portrait of Juan Manuel de Rosas and a photograph of the battle at sea at Obligado. "Fifty dollars" in Argentina is yellow-violet. On the obverse there is a photograph of Domingo Faustino Sarmiento, and on the reverse side we will see an image of the Argentine government building. Julio Roca's portrait appears on the 100-peso bill. It is made in purple-brown tones. The design on the back of the bill is very symbolic. Turning the banknote over, you can see the image of horsemen arriving in new territories (conquerors).

Currency of Argentina: exchange rate to the ruble and other currencies

The peso is a very unstable currency. Today, it is also impossible to say that there are no crisis trends. For example, from 2002 to 2008 the dollar/peso ratio was 4:1, and in 2016 the rate is 14:1. This is how the currency fluctuates in Argentina. The exchange rate to the ruble also changes frequently. As of mid-2016, the weighted average is as follows: 1 peso = 4.3519 rubles. Argentina's currency is not much more expensive than the Ukrainian hryvnia (1 peso is 1.69 UAH). For a more complete idea of ​​the “weight” of the monetary unit of this South American country, it is important to mention the exchange rate to the euro. As of August 8, 2016, 100 pesos equals 6.0798 euros.

All payments within this Latin American country are made in Argentine pesos, with the exception of payments by bank cards. However, cashless payment is not available everywhere. Below we have collected life hacks and useful tips about how to exchange euros and dollars in Argentina competently and with minimal losses and at the same time not to be deceived on the black currency market.

1. Where can I find out the official and black dollar exchange rates in Argentina?

In Argentina, a huge black market for currency operated from 2011 to the end of 2015. At the same time, in official and black exchange offices for the national currency of Argentina, the exchange rate to the US dollar (“dolar blue” or “dolar negro”) easily reached a difference of 50%, and at some points even 100%. This happened due to strict currency restrictions within the country.

However, at the end of 2015, the new president almost completely removed them. So now in Argentina you can pay like in most civilized countries, without thinking about the black exchange rate. Although the black market has not disappeared yet and money can be exchanged on it. However, the difference between the official and black rates is no longer more than 1-2%, but the risks are very high.

The official and black exchange rates in Argentina can be found at www.ambito.com (see columns oficial and informal, compra). This rate is indicative, so different places will offer rates that are slightly different from those indicated on the website.

It is best to go to Argentina with cash dollars, since they have the best exchange rates here. The euro is less valuable, and all other currencies are practically worthless. It can also be difficult to exchange bills under $50.

2. Currency exchange in Argentina and the use of bank cards

2.1. Bank cards

It has become very convenient to use bank cards of Visa and MasterCard payment systems after the disappearance of the gigantic difference between the official and black exchange rates. However, some money can be lost due to unfavorable conversions of banks and payment systems.

When paying in Argentine pesos, the payment system first converts pesos into dollars, and your bank then converts dollars into rubles (if the card is attached to a ruble account). It is more profitable to open a card in US dollars before your trip and get by with one conversion. And do not forget to notify the bank about the country and travel dates before leaving, so that your cards are not blocked on the first day.

You cannot pay with a card in some inexpensive restaurants and small shops, in taxis. It happens that the store does not include the bank commission in the price when paying by card. So, when paying non-cash, the store may take a commission, but when paying in cash, you won’t have to pay extra. Sometimes in Argentina you can agree with the seller to exclude VAT (21%) from the price or make a 10-15% discount when paying in cash (this works, for example, in some hotels). This will not happen when paying by card.

There are a few unpleasant surprises waiting for you when withdrawing cash in Argentina:

• Even if your wonderful bank does not charge fees for withdrawing cash from ATMs abroad, Argentine banks will gladly take it. And its size will be around 6-8 USD per transaction. Even if you want to withdraw the peso equivalent of 10 USD. It would seem that such losses can be minimized by withdrawing very large amounts at a time. Alas, ATMs do not issue more than 2,000 pesos (in rare cases, 3,000 pesos) for one transaction. Therefore, be prepared to give 3-5% of the withdrawn amount to the Argentine bank.
• Lack of cash from ATMs is common in Argentina. In addition, you will most likely have to stand in line at the ATM.
• An even more common thing is that there are no ATMs :) While in the city center you can find ATMs quite quickly, in ordinary areas you often have to make a mini-trip to find an ATM. Even in developed Buenos Aires there are big problems with this.

2.1. Airport

IN international airports Ezeiza and Aeroparque Jorge Newbery are official exchangers. The exchange rate there is less favorable than at banks and exchange offices in the city. In addition, there are almost always a lot of people. You can also try changing small amounts at the counters of various travel agencies and car rental agencies.

2.2. Official exchange offices (casa de cambio)

Between 2011 and 2015. official exchangers practically ceased to exist. At that time, exchanging money at the official rate was pointless. Since 2016, this area has begun to revive, but there are still not many official exchangers in Buenos Aires. Unlike banks, the opening hours of exchangers are quite social: money can be changed both in the evening and on weekends. Disadvantage: unfavorable exchange rate.

The legality of the exchange office should not be neglected. Over the years of the reign of the black currency market in Argentina, a huge number of illegal exchangers have formed, which have not yet gone away. There are great risks of getting money in underground exchange offices. Remember that official exchange offices are usually located in plain sight and can be easily found on the main streets, while illegal exchange offices are usually well hidden.

Addresses of a couple of official exchange offices in Buenos Aires:

• Columbus Casa de Cambio (San Martín 529);
• Paris Cambio (Sarmiento 399).

• Galerías Pacifico (Florida 737);
• Patio Bullrich (Posadas 1245).

2.3. Arbolitos (street money changers) on Florida Street

"Arbolito" translates to "little tree" and is applied to a huge number street money changers. Like planted trees, they stand at the edges tourist street Florida in Buenos Aires and the word “Cambio!” is shouted several thousand times a day. (currency exchange). Even after the lifting of currency bans, arbolitos have not gone away. There are two reasons for this:

• Many tourists still change money with them - it’s fast and convenient. At the same time, most do not even suspect that since the end of 2015, money can be exchanged at almost the same rate in banks.
• Many Argentines prefer not to “shine” their foreign currency savings.

Arbolitos can often offer a rate that is 1-2% more profitable than the bank rate. True, the risks of getting a fake or being cheated here are great. If earlier it was a good business for them, which brought great benefits even without deception, now it has become much more difficult to make money through illegal exchange. So the temptation to deceive clients has grown. All this applies to unofficial exchangers.

2.4. Shops on Florida Street

In some cases, it is convenient to buy goods directly for dollars. Many stores, particularly on Florida Street, will gladly accept dollars and euros. The rate in stores is usually quite profitable - this is one of the forms of attracting customers. If you wish, you can exchange a hundred or two dollars for pesos there. The same applies to almost all tourist places: souvenir shops, tango shows, sightseeing tours, etc.

2.5. Banks

The most reliable and profitable place to exchange currency in Argentina is a bank. True, the country’s banking system is still in the last century; in the 2000s it hardly developed. As a result, a deplorable picture emerged: there are few banks in the country, they do not like to work normally (the usual working hours of an Argentine bank are from 10 to 15 on weekdays), customer focus is close to zero (in a number of banks a person cannot make a single operation until he client and will not open an account, which is usually impossible without a local ID). There are always queues at banks, and few people want to stand in it to find out that they won’t serve you.

3. Black dollar exchange rate in Argentina: history of its appearance

For a long time in Argentina, by law, the dollar was traded against the local peso in a ratio of 1:1. Since 2002, the peso began to rapidly depreciate, and the demand for American currency grew steadily. By 2011, there were so many people wanting to buy dollars in Argentina that the country’s Central Bank was selling several billion of the currency annually. That same year, the government experimented with the foreign exchange market and required disclosure of information about the income of individuals who wanted to purchase dollars. With this measure, it tried to prevent money laundering and tax evasion, as well as curb the hyperinflation raging in the country. Allegedly, the popularity of the peso among the population in the absence of access to the dollar should have grown significantly.

In 2012, the purchase of dollars in Argentina was completely banned. People were left in a situation where the Argentine peso depreciated by 30-50% over the year, while it was not possible to save their savings in foreign currency. Thus, the demand for the dollar on the black market has reached cosmic proportions.

Argentines had virtually no access to American or any other currency: they could not buy and withdraw dollars from ATMs, or make money transfers in foreign currency. However, when using bank cards the course became almost the same as the unofficial one. Let’s say an Argentinean abroad paid 100 USD using a card. At the official rate they would be, say, 800 pesos. However, the bank withheld a special tax of 35%, turning 800 pesos into 1080.

The very fact of the black currency market spoke of huge problems in the country’s economy. This situation benefited only foreigners who came not only as tourists, but also stayed to live in Argentina. They felt great here, receiving income in their countries in more stable currencies and, if necessary, exchanging them for pesos. This situation would not end well for Argentina. As a result, with the arrival of the new president, the ban on the currency was lifted. One day, the peso depreciated to the level of the black exchange rate, and the country began to live in a new reality.