What every indicator on our data hub means, why it matters to visitors, expats and investors, and how people use it within the rules. Definitions carry no figures; live values are on each indicator page.
Markets daily
Official dollar (Banco Nación)
What it is. The retail rate at which Banco Nación, the largest state bank, buys and sells dollars to the public at its branches and in its app.
What it means for you. It is the headline rate in the press and the starting point for most other quotes, but it is not always the rate you get as a visitor or investor.
How people use it. Residents with a bank account can buy and sell dollars at bank rates close to this one, subject to current rules. Many contracts and prices are quoted against it.
Going deeper. The official rate moves within a band set by the central bank, so it changes daily but within limits. The gap between this rate and market rates such as the MEP is called the brecha, and a narrow brecha is a sign of normalising FX markets. Rules on who may buy at bank rates have changed several times, so check the current rules before relying on it.
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Wholesale dollar (Com. A 3500)
What it is. The interbank rate that banks and large companies use among themselves, published daily by the central bank under its Communication A 3500.
What it means for you. It is the reference for exports, imports and most corporate FX, and it anchors the retail official rate, which trades slightly above it.
How people use it. Importers, exporters and companies paying foreign debt transact at or near this rate through their banks. Analysts use it to track the central bank's FX band.
Going deeper. When people speak of devaluation or the crawling band, they usually mean this rate. Exporters must generally settle export proceeds through the official market, which is why the wholesale rate matters so much for trade and for reserves.
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MEP dollar (dólar bolsa)
What it is. A market rate obtained by buying an Argentine bond or share in pesos and selling the same security for dollars inside Argentina. MEP stands for Mercado Electrónico de Pagos.
What it means for you. It is the most useful benchmark for what pesos are really worth in dollars. This site converts peso prices to US dollars at the MEP rate for that reason.
How people use it. Residents use it, through a broker or bank app, to buy dollars legally and deposit them in a local dollar account. Visitors paying with a foreign card are often charged a rate close to it.
Going deeper. The operation is fully legal and runs through regulated brokers and banks. It usually involves a short holding period for the security and is reported to the tax authority like any securities trade. Because anyone with an investment account can access it, the MEP is widely treated as the effective free market rate inside the formal system.
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CCL dollar (contado con liquidación)
What it is. Like the MEP, but the security bought in pesos is sold for dollars abroad, so the dollars land in a foreign account.
What it means for you. It is the rate at which capital can leave Argentina through the formal securities market, so it is the key reference for foreign investors and companies.
How people use it. Companies and investors use it to move funds abroad legally through regulated brokers, for example to pay dividends or repatriate capital when other channels are restricted.
Going deeper. The CCL normally trades slightly above the MEP, reflecting the extra value of having dollars offshore. Rules on who may use it, and on holding periods, have changed over time, especially for companies that also access the official market, so check current rules with a broker.
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Blue dollar
What it is. The informal parallel market rate for cash dollars, quoted by the press from street level trading.
What it means for you. It is a reference for sentiment and for how far the formal rates are from what cash commands. It is not a rate the formal system offers.
How people use it. Analysts watch the blue to gauge pressure on the peso and the size of the gap with official rates. We show it as a reference only and do not recommend using informal channels.
Going deeper. The blue market operates outside banks and brokers and carries legal and personal risk. When the gap between the blue and the MEP or official rates is small, it signals that the formal market is meeting demand. Visitors and investors have formal alternatives in the MEP, CCL and foreign card rates.
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Crypto dollar (USDT)
What it is. The price in pesos of dollar stablecoins such as USDT on crypto exchanges operating in Argentina.
What it means for you. It shows what dollars cost through digital asset platforms, which are open around the clock, including weekends when markets are closed.
How people use it. Some residents and freelancers hold savings or receive payments in stablecoins through exchanges registered with the securities regulator (CNV). Check that a platform is registered before using it.
Going deeper. Stablecoins carry risks that bank deposits do not, including platform and issuer risk, and they are subject to tax and reporting rules. The crypto rate usually tracks the MEP and CCL closely, and wide gaps tend to close quickly.
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Card dollar (tarjeta)
What it is. The rate applied to purchases in foreign currency made with Argentine credit and debit cards: the official rate plus the tax withholdings that apply to such spending.
What it means for you. If you pay abroad or online in dollars with an Argentine card, this is roughly what it costs. Part of the surcharge is a tax prepayment that can be credited against income tax.
How people use it. Residents compare it with the MEP to decide whether to pay card bills in pesos or with dollars bought at the MEP. Visitors with foreign cards are not charged this rate; they are usually charged close to the MEP.
Going deeper. The surcharges on card spending have been changed several times by decree. Holders who pay the card balance in dollars from their own dollar account generally avoid the withholding. Check the current rules on the tax authority's site.
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Country risk (riesgo país)
What it is. The extra yield, in basis points, that investors demand to hold Argentine government dollar bonds rather than US Treasuries, as measured by JP Morgan's EMBI index.
What it means for you. It is the market's price for the chance that Argentina will not pay. Lower readings mean cheaper borrowing for the government and companies, and usually better conditions for investment.
How people use it. Investors use it to judge when Argentina might return to international bond markets and to compare it with peers. Companies watch it because it sets a floor for their own borrowing costs.
Going deeper. One hundred basis points equal one percentage point. Country risk tends to rise around elections and policy uncertainty and fall with reserve accumulation and fiscal surpluses. See our country risk page for the full history and the election premium.
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BADLAR rate
What it is. The average annual rate private banks pay on large peso time deposits, published by the central bank.
What it means for you. It is a benchmark for peso borrowing costs. Many corporate bonds and loans pay BADLAR plus a margin.
How people use it. Companies use it to price floating rate peso debt, and savers compare it with inflation to see whether deposits are earning a real return.
Going deeper. BADLAR has been the main floating rate reference in the peso market for many years. Compare it with expected monthly inflation, annualised, to judge whether real rates are positive.
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TAMAR rate
What it is. The average rate banks pay on very large wholesale peso deposits, published by the central bank as an alternative benchmark to BADLAR.
What it means for you. It is increasingly used as the floating reference for new peso bonds and loans.
How people use it. Issuers and lenders use it to price floating rate peso instruments. Investors compare it with BADLAR and inflation.
Going deeper. TAMAR reflects deposits larger than those in BADLAR, so it tracks wholesale funding costs more closely. Both series are published daily by the central bank.
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Fixed term deposit rate (plazo fijo)
What it is. The average annual rate banks pay on standard peso time deposits, usually for thirty days.
What it means for you. It is the simplest peso savings product for residents. Whether it beats inflation tells you if peso savings are gaining or losing value.
How people use it. Residents with peso balances compare this rate with expected inflation and with the move in the MEP to choose between pesos and dollars.
Going deeper. Rates are set freely by banks. Deposits are covered by a deposit insurance scheme up to a limit. Inflation linked deposits (UVA) are an alternative when inflation is uncertain.
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One day repo rate (pases)
What it is. The rate on overnight repurchase operations between the central bank and banks.
What it means for you. It signals the stance of monetary policy and influences all other peso rates.
How people use it. Banks and analysts watch it to read central bank policy. Changes ripple through deposit, loan and bond rates.
Going deeper. The central bank has changed its main policy instrument several times in recent years, so the one day repo rate should be read alongside the market rates for very short peso funding.
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Prices
Monthly inflation (CPI)
What it is. The month on month change in the national consumer price index published by INDEC, the statistics agency.
What it means for you. It tells you how fast peso prices are rising. For visitors and dollar earners, what matters more is inflation in dollar terms, which also depends on the exchange rate.
How people use it. Businesses use it to set price increases and wage negotiations, landlords and tenants use it for rent adjustments, and investors use it to compare with peso interest rates.
Going deeper. INDEC publishes the CPI around the middle of each month for the previous month. Core, regulated and seasonal components help explain what is driving the headline. See our inflation page and the sector ranking for prices in US dollars.
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Annual inflation (CPI, year on year)
What it is. The change in consumer prices over the last twelve months.
What it means for you. It smooths out monthly noise and is the figure most often compared across countries.
How people use it. Investors compare it with peso rates and bond yields. Employers and unions use it as a reference in wage talks.
Going deeper. Annual inflation can stay high for months after monthly inflation falls, because it still includes older, faster months. Watch the monthly figure for the trend.
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Core inflation
What it is. CPI excluding regulated prices, such as utilities and fuel, and seasonal items, such as fruit and clothing.
What it means for you. It shows the underlying trend in prices that respond to demand and the exchange rate.
How people use it. Analysts use it to judge whether disinflation is durable rather than driven by one off tariff decisions.
Going deeper. When core inflation is below the headline, regulated price increases are usually the reason, which is common during tariff normalisation.
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Regulated prices
What it is. The CPI component for prices set or approved by government, such as electricity, gas, water, public transport, fuel and prepaid health plans.
What it means for you. These prices can jump when subsidies are reduced, which affects household budgets and the cost of running a business.
How people use it. Businesses and residents use it to anticipate utility and transport costs. Analysts track it to follow subsidy policy.
Going deeper. Large regulated increases often drive headline inflation in a given month even when core inflation is slowing.
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Seasonal prices
What it is. The CPI component for items with strong seasonal swings, such as fruit, vegetables, clothing and tourism.
What it means for you. It adds volatility to monthly inflation without changing the underlying trend.
How people use it. Analysts strip it out to read the trend. Travellers may notice it in high season tourism prices.
Going deeper. Seasonal effects tend to reverse within a few months, so one strong month is rarely a signal on its own.
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Wholesale prices (IPIM)
What it is. INDEC's index of domestic wholesale prices for goods, including imported goods.
What it means for you. Wholesale prices often lead consumer prices, especially after exchange rate moves.
How people use it. Manufacturers and importers use it to track input costs. Analysts use it as an early signal for consumer inflation.
Going deeper. The IPIM is more sensitive to the exchange rate than the CPI because it is weighted toward tradable goods.
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CER index
What it is. A daily index that grows with consumer inflation, published by the central bank and used to adjust inflation linked instruments.
What it means for you. Bonds and deposits adjusted by CER protect the holder against peso inflation.
How people use it. Investors buy CER linked government bonds to hedge inflation. Contracts can also be indexed to it.
Going deeper. CER follows the CPI with a lag of roughly two months, so it reflects past rather than current inflation.
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UVA unit
What it is. A unit of account whose peso value is adjusted daily by the CER index.
What it means for you. Mortgages and some deposits in Argentina are denominated in UVA, so their peso balance rises with inflation.
How people use it. Banks offer UVA mortgages and UVA deposits. Borrowers and savers use it to keep values stable in real terms.
Going deeper. A UVA mortgage has a stable real payment, but the peso payment rises with inflation, so the burden depends on how wages move relative to prices.
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Rental index (ICL)
What it is. An index published by the central bank that combined inflation and wages, created to adjust residential rents under the former rental law.
What it means for you. Older rental contracts may still adjust by it. Newer contracts can use other agreed indices.
How people use it. Landlords and tenants use it to calculate rent updates on contracts that reference it.
Going deeper. Rental rules were deregulated, and parties are now generally free to agree on the currency, term and adjustment index. Check your contract for the index it uses.
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Total basic basket (CBT)
What it is. The monthly cost of the food and essential goods and services a household needs, published by INDEC. It defines the poverty line.
What it means for you. It is a reference for the cost of living and the income needed to stay out of poverty.
How people use it. Employers and analysts compare wages and pensions with it. Social policy uses it to measure poverty.
Going deeper. INDEC publishes the basket for an adult equivalent and for a reference household. Poverty rates compare household incomes with this basket.
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Basic food basket (CBA)
What it is. The monthly cost of a minimum food basket, published by INDEC. It defines the indigence line.
What it means for you. It tracks what essential food costs a household.
How people use it. Analysts use it to measure extreme poverty and to compare with minimum wages and social benefits.
Going deeper. The food basket can move differently from the CPI when food prices rise faster or slower than other items.
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Activity
GDP
What it is. Gross domestic product, the total value of goods and services produced, published quarterly by INDEC.
What it means for you. It is the broadest measure of whether the economy is growing.
How people use it. Investors and companies use it to size markets and judge the cycle.
Going deeper. Quarterly GDP is released with a lag. The monthly EMAE gives an earlier read.
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Monthly activity (EMAE)
What it is. INDEC's monthly economic activity estimator, a monthly proxy for GDP.
What it means for you. It shows which way the economy is moving month to month and which sectors lead.
How people use it. Businesses use it to read demand by sector. Analysts use it to anticipate GDP.
Going deeper. The seasonally adjusted series is best for month on month comparisons; the year on year change uses the original series.
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Monthly activity, year on year
What it is. The change in the EMAE versus the same month a year earlier.
What it means for you. It removes seasonality by comparing like with like.
How people use it. Analysts use it to judge recovery or recession against the prior year.
Going deeper. A low base from a weak year earlier can make annual growth look strong even when monthly momentum is flat.
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Industrial production (IPI)
What it is. INDEC's monthly index of manufacturing output.
What it means for you. It shows how factories are doing, which matters for suppliers, employment and imports of inputs.
How people use it. Manufacturers and investors use it to read industrial demand by sector.
Going deeper. Industry is sensitive to the exchange rate, import rules and domestic demand, so it often moves more than overall activity.
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Construction activity (ISAC)
What it is. INDEC's monthly index of construction activity, based on the demand for construction inputs.
What it means for you. It is a leading signal for real estate development and investment.
How people use it. Developers, building suppliers and real estate investors use it to read the construction cycle.
Going deeper. Construction responds strongly to public works spending and to the cost of building in dollars.
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External
Trade balance
What it is. Exports minus imports of goods, published monthly by INDEC.
What it means for you. A surplus brings in dollars that can support reserves and the exchange rate.
How people use it. Analysts watch it to judge FX supply. Exporters and importers use it to read conditions in their markets.
Going deeper. Energy and agriculture are the main drivers. Harvest timing makes the balance seasonal.
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Exports
What it is. The value of goods exported, published monthly by INDEC.
What it means for you. Exports are the main source of dollars for the economy.
How people use it. Investors track agriculture, energy and mining exports to judge FX supply and sector momentum.
Going deeper. Export values depend on both volumes and international prices, especially for grains, oilseeds and energy.
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Imports
What it is. The value of goods imported, published monthly by INDEC.
What it means for you. Imports rise with activity and with easier access to dollars, and they compete with local producers.
How people use it. Importers and analysts use it to read domestic demand and the effect of trade opening.
Going deeper. Capital goods and inputs make up a large share, so imports also signal investment.
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Current account
What it is. The balance of trade in goods and services plus income flows such as interest and dividends, published quarterly by INDEC.
What it means for you. A deficit means the country needs capital inflows or reserves to pay for it.
How people use it. Investors use it to judge external vulnerability and pressure on the peso.
Going deeper. Tourism and services trade can shift the current account even when the goods balance is in surplus.
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Gross reserves (BCRA)
What it is. The central bank's total holdings of foreign currency, gold and other external assets.
What it means for you. Reserves are the country's buffer to defend the peso and pay debt. Rising reserves support confidence.
How people use it. Investors use reserves, especially net of short term liabilities, to judge the risk of devaluation and default.
Going deeper. Gross reserves include items such as swap lines and bank deposits that cannot be freely used, so analysts also estimate net reserves. See our reserves page for purchases and flows.
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Central bank FX purchases
What it is. Daily net dollar purchases or sales by the central bank in the official market.
What it means for you. Purchases add to reserves; sales signal the central bank is supporting the peso.
How people use it. Analysts track them to judge reserve accumulation and pressure on the exchange rate.
Going deeper. Purchases tend to peak during the harvest season, when export proceeds are highest.
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Money
Monetary base
What it is. Currency in circulation plus bank reserves at the central bank.
What it means for you. Fast growth in the base can feed inflation, while slow growth signals tight money.
How people use it. Analysts compare it with inflation to judge monetary policy.
Going deeper. Changes in how the central bank sterilises money mean the base should be read together with broader aggregates such as M2.
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Private M2
What it is. Cash held by the public plus private sector current and savings accounts in pesos.
What it means for you. It measures transactional money in the economy. Demand for pesos is a key sign of confidence.
How people use it. Analysts use real M2 to judge whether people are holding pesos or fleeing to dollars.
Going deeper. Rising real M2 alongside falling inflation is a sign that remonetisation is under way.
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Private deposits
What it is. Total private sector deposits in the banking system.
What it means for you. Deposits fund bank lending and show trust in banks.
How people use it. Analysts track peso and dollar deposits separately to read confidence and savings behaviour.
Going deeper. Dollar deposits rise when residents bring savings into banks, for example after tax amnesties.
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Private loans
What it is. Total bank loans to the private sector.
What it means for you. Credit growth fuels consumption and investment, and in Argentina credit is still small relative to the economy.
How people use it. Banks, businesses and investors use it to read the credit cycle and the outlook for financial stocks.
Going deeper. Lending in Argentina is low by regional standards, so credit growth has room to run when inflation and rates stabilise.
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Information only, not investment, tax or legal advice. FX and tax rules in Argentina change often; check the current rules with your bank, broker or adviser. We describe the informal blue market as a reference only and do not recommend using informal channels.
