The Argentine Peso (ARS) is the currency unit for Argentina. The Peso symbol is the same as the dollar sign ($). The Peso is subdivided into centavos; 1 Peso = 100 centavos. The previous currency of Argentina was also called the Peso; however, the currency evolved and fewer zeros are currently being used.
History
Before 1826, the Spanish silver eight-real coin was named the Peso. After Argentina became independent, the country started using new coin denominations: Escudos, Soles, and Reales. The coins were in circulation until 1881.
From 1881, to 1969 the silver and gold Pesos were introduced. The gold coin denominations were 2½ and 5 Pesos, the silver coins were 5, 10, 20, and 50 centavos, as well as 1 Peso, and the copper coins were 1 and 2 centavos.
From 1970 to 1983, the "Peso Ley" replaced the previous peso; 1 Peso Ley = 100 Pesos Nacionale.
From 1983 to 1991, the Peso was replaced by the previous currencies.
In 1992, the last Peso was introduced and is referred to by the international market as the Peso Convertible. A fixed exchange rate was established between the Central Bank of Argentina and the United States Dollar at a rate of 1 USD = 1 Peso. The agreement expired in 2001.
After 2001, the fixed agreement with the USA expired, and since 2002, the exchange rate has been fluctuating.
Economy
Argentina’s economy is rated as a higher middle economy.
The economy is sustained by the abundance of natural resources, a diverse industry base, and an export-focused agricultural program.
During the early twentieth century Argentina was considered the richest country in the southern hemisphere.
The top industries are appliances, electronics, textiles, beverages, furniture, printing, chemicals, pharmaceuticals, motor vehicles, and food processing.
Export products are soybeans, natural gas, aluminum, steel, refined fuel, machinery, vegetable products, and other industry products.
Import products are mainly capital goods, consumer durables for the automotive industry, freight vehicles, lubricants, and refined fuel.
