Argentina's economic history in one page: defaults, inflation and stabilization plans

Key rules

This is a history page, but history in Argentina lives on in statutes. The rules below are the legal fingerprints of each episode, and several still bind contracts signed today.

1. The five currencies and the zeros (Laws 18.188 and 22.707; Decrees 1096/1985 and 2128/1991)

• Peso moneda nacional to peso (1970). From a date set by decree, and no later than 1 January 1970, the BCRA would issue notes based on the "peso", equal to 100 pesos moneda nacional (Law 18.188, art. 1, BO 22 April 1969). Obligations falling due after that date were converted by operation of law (art. 2). The actual first day of circulation (unconfirmed).
• Peso to peso argentino (1983). The "peso argentino", symbol "$a", equal to 10,000 pesos (Law 18.188), was to be issued no later than 30 June 1983 (Law 22.707, art. 1, BO 11 January 1983). Law 18.188 was repealed (art. 5). Actual issue date (unconfirmed).
• Peso argentino to austral (1985). From 15 June 1985 the BCRA issued the austral, symbol "A", equal to 1,000 pesos argentinos, and the earlier currencies lost legal tender status (Decree 1096/1985, arts. 1 and 2, BO 17 June 1985). The recitals describe the plan as resting on "the elimination of the public deficit and the freezing of prices and wages", and the decree converted existing contracts with a scale so that the sudden fall in inflation would not transfer wealth from debtors to creditors (recitals and art. 3).
• Austral to peso (1992). From 1 January 1992 the new "peso", symbol "$", equal to 10,000 australes, became legal tender and was convertible at one peso per US dollar for sale under Law 23.928 (Decree 2128/1991, arts. 1 to 3, BO 17 October 1991). The power came from Law 23.928, art. 12, which treated the convertible austral as a new currency.
• Arithmetic. 1 peso (1992) = 10,000 australes = 10,000,000 pesos argentinos = 100,000,000,000 pesos (1970) = 10,000,000,000,000 pesos moneda nacional: 13 zeros. No zeros have been removed since 1992. The peso moneda nacional itself dates from the 1880s (unconfirmed).

2. Convertibility and the indexation ban (Law 23.928, BO 28 March 1991)

• The peg. "Convertibility of the austral with the US dollar is declared from 1 April 1991, at a rate of ten thousand australes (A 10,000) per dollar, for sale" (art. 1, original text). The BCRA had to sell the dollars requested and withdraw the australes it received (art. 2).
• Full backing. Freely available reserves in gold and foreign currency had to equal at least 100% of the monetary base at all times (art. 4, original text). The reserves were unattachable (art. 6).
• No indexation. Debtors of a sum of money pay the nominal amount; "in no case" are monetary updating, price indexation, cost variation or "repotentiation" of debts allowed (art. 7). All indexation norms were repealed from 1 April 1991 (art. 10).
• Foreign currency contracts. Law 23.928 rewrote Civil Code arts. 617 and 619 so that a debt in a foreign currency was a debt of money that had to be paid in the agreed currency (art. 11). The current treatment of foreign currency obligations under the Civil and Commercial Code and DNU 70/2023 is covered on other guide pages (unconfirmed).
• What survives today. Law 25.561 repealed arts. 1, 2, 8, 9, 12 and 13 (art. 3) but rewrote and kept arts. 7 and 10: the indexation ban is still in force (Law 23.928, arts. 7 and 10, as replaced by Law 25.561, art. 4). Infoleg lists specific statutory exceptions, including Decree 1733/2004 for restructured bonds, Law 27.467 art. 105 (2018), Law 27.591 art. 57 (2020), Law 27.701 arts. 51 and 52 (2022) and Law 27.798 art. 62 (BO 2 January 2026) (updated text notes to art. 7). What each exception covers (unconfirmed).

3. The corralito (Decree 1570/2001, signed 1 December 2001, BO 3 December 2001)

• Cash cap. Withdrawals above ARS 250 or US$ 250 per week per holder per bank were prohibited (art. 2(a)).
• Transfers abroad. Prohibited except for foreign trade, card spending abroad and financial operations authorised by the BCRA (art. 2(b)).
• Banknote exports. Exporting foreign notes and coins was prohibited unless through BCRA authorised entities or below US$ 1,000 (art. 7).
• Money stays in the system. Transfers between accounts and electronic payments remained free and without commission (arts. 4 and 5). The recitals note that payments above ARS 1,000 already had to go through banks under Law 25.345.
• Duration. Until the day after the closing of the public debt operations under Decree 1387/2001, art. 24 (art. 9). In practice the restrictions were extended by later norms (unconfirmed).

4. End of the peg and pesification (Law 25.561, BO 7 January 2002; Decrees 71/2002, 214/2002 and 260/2002)

• Emergency and delegation. Law 25.561 declared a public emergency in social, economic, administrative, financial and exchange matters and delegated powers to the Executive (art. 1). The delegation was extended many times; the Infoleg updated text lists extensions up to 31 December 2017 (Law 27.200) (unconfirmed).
• FX power. The Executive may set the system that determines the peso exchange rate and issue FX regulations (art. 2).
• Public contracts. Dollar and foreign index adjustment clauses in public law contracts, including public works and utilities, were cancelled and prices fixed in pesos at ARS 1 = US$ 1 (art. 8). Renegotiation was authorised (art. 9). This is the root of the utility tariff freezes and the investment treaty claims of the 2000s (unconfirmed).
• Official rate. The BCRA bought and sold dollars in the official market at ARS 1.40 per US$ (Decree 71/2002, art. 1, BO 10 January 2002). Operations outside the official market were freely agreed (art. 2).
• Single free market. Decree 260/2002 (BO 8 February 2002) replaced that dual system with a single free FX market for all operations. That is the legal origin of today's MLC.
• Pesification. All dollar deposits were converted at ARS 1.40 per US$ (Decree 214/2002, art. 2). All dollar debts to banks were converted at ARS 1 per US$, whatever their amount (art. 3). Other dollar obligations outside the banking system were converted at 1 to 1, with a right to ask for an equitable readjustment (art. 8). Deposits and debts were then adjusted by the CER, a reference stabilisation coefficient published by the BCRA, plus capped interest rates (art. 4). The State issued bonds to cover the gap that the asymmetric conversion opened in banks (art. 7) and offered depositors a dollar bond in place of their deposits up to US$ 30,000 per holder and bank (art. 9).
• The CER today. The CER series starts at 1.0 on 2 February 2002 and stood at 858.619 on 23 October 2026 (BCRA series 30). Inflation linked sovereign bonds still use it.

5. The 2002 to 2005 default and the 2005 exchange (Decree 256/2002; Law 25.827 art. 59; Decree 1735/2004; Law 26.017)

• Payment reprogramming. Decree 256/2002 (BO 8 February 2002) authorised the Ministry of Economy to restructure the government's debt and to list the payments to be reprogrammed "to guarantee the functioning of the State" (arts. 1 and 2). The budget laws for 2002, 2003 and 2004 (Laws 25.565, 25.725 and 25.827) deferred payment of listed bonds (Decree 1735/2004, recitals). The date and form of the suspension announced in late December 2001 (unconfirmed).
• The 2005 exchange. Decree 1735/2004 (BO 10 December 2004) offered new bonds in pesos, dollars, euros and yen, plus a GDP linked security, for the deferred bonds (art. 1, recitals). New bonds were capped at a face value of US$ 41,800 million (art. 2). Jurisdiction was submitted to New York, London and Tokyo, with a list of assets that remain immune from execution, including BCRA reserves (art. 3). The GDP linked securities had a notional equal to the residual face value plus unpaid interest to 31 December 2001 of the bonds tendered (art. 6). Participation rate and haircut (unconfirmed).
• The "lock law". Bonds not tendered were subject to Law 26.017 (BO 11 February 2005): the Executive could not reopen the exchange (art. 2) and could not settle with holdouts in or out of court (art. 3). Those articles were suspended by Law 26.547 (BO 10 December 2009) and again by Law 26.886 (BO 23 September 2013), according to the Infoleg notes, and repealed by Law 27.249 (art. 1).

6. The 2010 reopening and the 2014 holdout clash (Law 26.547; Decree 563/2010; Law 26.984)

• Reopening. Law 26.547 suspended the lock law until 31 December 2010 (art. 1) and authorised a new exchange, but its terms could not be equal to or better than those offered in 2005 (art. 3). Holders had to waive all rights, including judgments (art. 5).
• Decree 563/2010 (BO 29 April 2010) launched the exchange, with new bonds including a "Global 8.75% 2017" dollar bond and a second series of GDP linked securities (art. 2). Participation (unconfirmed).
• 2014. Law 26.984 (BO 12 September 2014) declared the payment of 100% of restructured bondholders a matter of public interest (art. 1), because orders of the Southern District Court of New York in NML Capital Ltd. et al. v. Republic of Argentina had blocked the collection of funds the Republic paid on 26 June 2014 (art. 2). It replaced the trustee with a Nación Fideicomisos account at the BCRA (arts. 3 to 5) and offered an exchange into local law bonds (art. 7). Whether the episode counts as a "default" is contested: Argentina paid but holders were not paid. Rating agency classifications of mid 2014 (unconfirmed).

7. The 2016 settlement (Law 27.249, BO 1 April 2016)

• Repeal. Laws 26.017, 26.547, 26.886 and 26.984 were repealed (art. 1).
• Conditions. The settlement provisions took effect only once the US Court of Appeals for the Second Circuit confirmed the lifting of all injunctions (art. 2).
• Settlements and money. The settlement agreements in Annex I were ratified (art. 5). New debt was authorised up to US$ 12,500 million to pay them (art. 7). Holders had to waive all rights and actions (art. 8). New issues had to include collective action clauses and a "pari passu" clause in line with market practice (art. 9).
• Drafting trap. Article 4 refers to "decreto 1.734" of 9 December 2004 for the 2005 exchange; the exchange decree is 1735/2004 (Decree 1733/2004 of the same day concerns the indexation exception). It looks like a typo in the law as published (unconfirmed).

8. The 2018 Stand By, the 2019 reprofiling and controls (Ministry of Economy, 7 June 2018; DNU 596/2019; DNU 609/2019)

• The 2018 program. Argentina and the IMF agreed a 36 month Stand By (Ministry of Economy release, 7 June 2018). The primary deficit targets were 2.7% of GDP in 2018, 1.3% in 2019, balance in 2020 and a 0.5% surplus in 2021; inflation targets were 17% for 2019, 13% for 2020 and 9% for 2021; monetary financing of the Treasury by the BCRA would go to zero; each disbursement would be repaid in eight quarterly instalments after three years of grace. DNU 179/2025 states the agreement was approved on 20 June 2018 and amended in 2018 and 2019 (recitals). The amount (unconfirmed). Actual inflation in 2019 was 53.8%, against the 17% target (BCRA series 28).
• Reprofiling. DNU 596/2019 (BO 29 August 2019) rescheduled short term local debt: 15% paid on the original date, 25% after 90 days and the rest after 180 days (art. 1), with an exception for individuals who held the bills on 31 July 2019 (art. 2, as replaced by DNU 609/2019, art. 4).
• Controls return. DNU 609/2019 (BO 1 September 2019) required export proceeds to be brought in and sold in the FX market until 31 December 2019 (art. 1) and empowered the BCRA to require prior approval for buying foreign currency, distinguishing individuals from companies (art. 2). The BCRA implemented it with Com. A 6770 of 1 September 2019 (see the MEP and CCL page). The 2011 to 2015 controls (unconfirmed). They were lifted in December 2015 by Com. A 5850.

9. Congress and the IMF (Law 27.612, BO 3 March 2021; Law 27.668; DNU 179/2025)

• Rule. Every financing program or credit operation with the IMF, and any increase, "will require a law of Congress that expressly approves it" (Law 27.612, art. 2). IMF money and foreign law bonds may not fund current primary spending (art. 3). The budget law must cap the share of foreign currency, foreign law bond issues (art. 1).
• 2022. Law 27.668 approved the credit operations of the Extended Fund Facility "for the cancellation of the Stand By Agreement entered into in 2018 and for budget support" (art. 1). The Ministry of Economy said repayment of each disbursement takes 10 years with 4.5 years of grace, so repayment runs from 2026 to 2034 (release of 3 March 2022).
• 2025, and the controversy. The Executive approved the credit operations of the 2025 EFF by DNU 179/2025 (signed 10 March, BO 11 March 2025), a decree of necessity and urgency, not a law. Its recitals cite Law 27.612 and explain the urgency (negative net reserves of US$ 11,200 million on 7 December 2023, an FX gap near 180%, the need to cancel Treasury non transferable bills held by the BCRA). A DNU stays in force unless both chambers reject it (unconfirmed). Whether a DNU can satisfy a statute that demands "a law of Congress" is legally contested. The point is not academic: it bears on the validity of the instrument under Argentine law, though not on the IMF's own rules.
• Terms of the 2025 EFF. US$ 20,000 million, 48 months, repayment over 10 years with 4.5 years of grace; 2025 disbursements of US$ 15,000 million, of which US$ 12,000 million immediate (Ministry of Economy, 11 April 2025). The World Bank and IDB announced multi year packages of US$ 12,000 million and US$ 10,000 million (same release).

10. The 2020 restructuring (Law 27.544; Decrees 250/2020, 346/2020, 391/2020 and 676/2020)

• Authority. Law 27.544 (BO 12 February 2020) declared the restoration of sustainability of foreign law debt a priority and authorised exchanges and restructurings (art. 1). Waivers of immunity exclude, among other assets, any BCRA asset, reserve or account and public domain property (art. 3). Fees to banks and advisers were capped at 0.1% of the amount exchanged (art. 4(e)).
• Perimeter. Eligible foreign law bonds were capped at a face value of US$ 68,842,528,826 (Decree 250/2020, art. 1, as recited in Decree 391/2020).
• Local law deferral. Payments on dollar bonds under Argentine law were deferred to 31 December 2020 (DNU 346/2020, art. 1, BO 6 April 2020), with exceptions such as BCRA held bills (art. 2).
• Offer and final terms. Decree 391/2020 (BO 22 April 2020) launched the offer; Decree 582/2020 (BO 6 July 2020) modified it, according to the Infoleg note on Decree 391/2020. Decree 676/2020 (BO 16 August 2020) approved Amendment No. 2 and capped new bonds at US$ 66,137 million face value, with a separate cap of US$ 2,828 million for the 2029 bonds (1.000% in dollars and 0.500% in euros) (art. 2). Participation and the exchange of local law bonds.

11. The 2023 to 2026 program (BCRA releases; Ministry of Economy releases; Com. A 8226)

• 12 December 2023. The Ministry of Economy announced a new official rate of ARS 800 per US$ and the BCRA set a 2% monthly crawl "in the immediate term" (BCRA, "Nuevo marco de política monetaria y cambiaria", 12 December 2023). The announced fiscal goal was financial balance in 2024 (same release). The wholesale rate went from ARS 366.5 on 12 December to ARS 800.525 on 14 December 2023 (BCRA series 5).
• 16 January 2025. The crawl was cut to 1% a month from 1 February 2025 (BCRA release).
• 11 April 2025, "Phase 3". The rate may float in the MLC inside a band of ARS 1,000 to 1,400, whose floor falls 1% and ceiling rises 1% each month. The BCRA buys at the floor and sells at the ceiling, and inside the band it may buy for reserve accumulation and sell to smooth unusual volatility. The "dólar blend" was eliminated, restrictions on individuals were lifted, dividends to foreign shareholders were allowed for financial years starting in 2025, and no pesos would be issued to finance the deficit (BCRA release, 11 April 2025). The CNV confirmed the "Phase 3 of the Economic Program with exchange flexibilisation and floating within bands" in the recitals of RG 1062/2025.
• Com. A 8226 (11 April 2025, in force 14 April 2025) let resident individuals buy foreign currency for holding or deposit without prior approval if paid by debit to a local account (point 1). The 90 day cross restriction for individuals buying securities settled in foreign currency was reintroduced from 26 September 2025 by Com. A 8336 (see the MEP and CCL page).
• 20 October 2025. The BCRA signed an FX stabilisation (swap) agreement with the US Treasury for up to US$ 20,000 million (BCRA release).
• 15 December 2025. From 1 January 2026 the band's floor and ceiling move each month by the latest monthly inflation figure published by INDEC (two months earlier), and the BCRA runs a pre announced reserve purchase program (base case: about US$ 10,000 million in 2026, with daily purchases at about 5% of market volume) (BCRA release, "Profundización del esquema de agregados monetarios: fase de re-monetización 2026"). From January to 31 July 2026 the BCRA bought US$ 13,337 million (BCRA, Monetary Policy Report, Q2 2026, para. 38).
• What is still controlled. Companies still need BCRA prior approval to buy currency for savings or investment abroad (BCRA FX rules, point 3.10; see the exchange controls page). The commonly cited phrase "cepo exit April 2025" is accurate for individuals only.

The story, era by era

1880 to 1930: the export boom

Argentina's reputation as one of the world's richest countries in the early twentieth century rests on this period of grain and beef exports, European immigration, British railway capital and a gold based currency board (the Caja de Conversión) (unconfirmed). The period also produced the Baring crisis of 1890, usually counted as one of the early sovereign defaults (unconfirmed). The lesson investors draw from it is that Argentina's natural wealth is real, and that it has always depended on foreign capital and commodity prices.

1930 to 1975: industrialisation behind walls

After the 1930 world crisis and again after 1945, Argentina followed import substitution industrialisation (ISI): tariffs, import licences, multiple exchange rates, state companies and credit directed by the State (unconfirmed). The inflation table shows the cost. Prices rose 33.7% in 1949, 50.2% in 1951, 101.6% in 1959 and between 16% and 40% in most years of the 1960s (BCRA series 28). The first redenomination came in 1970: two zeros off (Law 18.188).

1975 to 1990: from shock to hyperinflation

The June 1975 adjustment package, popularly known as the "Rodrigazo", combined a large devaluation with sharp public tariff increases (unconfirmed). Its effect is visible in the series: 21.1% in June and 34.7% in July 1975, and 335.0% for the year. From 1975 to 1990 annual inflation never fell below 80%. Four more zeros went in 1983 (Law 22.707).

The Plan Austral of June 1985 attacked inflation with a new currency, a price and wage freeze and a commitment to eliminate the deficit (Decree 1096/1985, recitals). Monthly inflation fell from 30.5% in June 1985 to 6.2% in July and about 2% to 3% for the rest of the year. It returned: 174.8% in 1987, 387.7% in 1988, then hyperinflation in 1989 and 1990.

1991 to 2001: convertibility

Law 23.928 tied the austral to the dollar at 10,000 to 1 from 1 April 1991, backed the monetary base 100% with reserves and prohibited indexation. On 1 January 1992 four zeros came off and the peso equalled one dollar (Decree 2128/1991). Inflation fell from 84.0% in 1991 to 3.9% in 1994 and below 1% from 1996.

The flip side was that the BCRA could not create money, so adjustment to external shocks had to come through prices, wages and activity (unconfirmed). Reserves were US$ 35,286 million on 1 March 2001 and US$ 15,232 million on 31 December 2001 (BCRA series 1). Consumer prices fell in 1999, 2000 and 2001. The final months brought the corralito (Decree 1570/2001) and the debt suspension.

2002: devaluation, pesification and the CER

Law 25.561 ended the peg on 7 January 2002. A two tier system at 1.40 (Decree 71/2002) lasted about a month before a single floating market (Decree 260/2002). Decree 214/2002 converted every dollar contract: deposits at 1.40, bank loans at 1.00, both indexed by the CER. Banks were compensated with bonds. The peso closed the year at ARS 3.363 per US$ after peaking at 3.8675, and inflation for 2002 was 40.9%: far less than the devaluation.

2003 to 2015: recovery, restructurings, controls

The government restructured the defaulted bonds in 2005 (Decree 1735/2004, up to US$ 41,800 million of new bonds plus GDP linked securities) and again in 2010 (Decree 563/2010). The Lock Law (Law 26.017) barred better deals for holdouts. Holdouts sued in New York and in 2014 obtained orders that blocked payments to the restructured bondholders (Law 26.984, art. 2). Inflation moved back to double digits from 2010 (official series), and the official statistics of 2007 to 2015 lost credibility, as the 2016 statistical emergency decree implicitly recognised (Decree 55/2016). FX controls were tightened from 2011 (unconfirmed) and lifted in December 2015.

2016 to 2019: settlement, market access, IMF

Law 27.249 (2016) repealed the lock laws and paid holdouts with new debt of up to US$ 12,500 million. After a currency run in 2018 the government signed a 36 month IMF Stand By (June 2018). In August 2019 it rescheduled short term debt (DNU 596/2019) and on 1 September 2019 brought back FX controls (DNU 609/2019; Com. A 6770). Inflation was 47.6% in 2018 and 53.8% in 2019.

2020 to 2023: restructuring, controls and acceleration

The 2020 restructuring (Law 27.544; Decrees 391 and 676/2020) rescheduled the foreign law bonds; local law bonds followed (unconfirmed). Congress decided that IMF programs needed a law (Law 27.612) and approved the 2022 EFF (Law 27.668). Inflation went 36.1% (2020), 50.9% (2021), 94.8% (2022) and 211.4% (2023). By late 2023 net reserves were negative (US$ −11,200 million on 7 December 2023) and the gap between the official and parallel rates was close to 180% (DNU 179/2025, recitals). DNU 179/2025 also notes that the IMF's ex post evaluation found the 2022 program's gradualist approach did not achieve its goals (recitals).

December 2023 to October 2026: shock, anchor and band

The government that took office on 10 December 2023 devalued to ARS 800, fixed a 2% monthly crawl and committed to fiscal balance (BCRA, 12 December 2023). Inflation spiked to 25.5% in December 2023 and 20.6% in January 2024, then fell to 2.7% by October 2024 (BCRA series 27). The national public sector posted a financial surplus in 2024 and 2025 (Table 5). In April 2025 a new US$ 20,000 million IMF program funded the move to a band and the lifting of controls on individuals. The BCRA describes a period of "political instability" from April 2025 that "temporarily interrupted" remonetisation and caused an "unprecedented" episode of portfolio dollarisation until the mid term elections (BCRA, 15 December 2025). Since January 2026 the band moves with inflation, and the BCRA is buying reserves. Monthly inflation stayed between 1.7% and 3.4% in 2026, and gross reserves reached US$ 50,228 million on 21 October 2026. The Ministry of Economy says the 2027 budget will show a financial surplus "for the fourth consecutive year" (release of 15 September 2026) (unconfirmed).

Step by step

History is not filed with any authority, so there is no form. What the history changes is how you do due diligence and draft. A practical sequence:

1. Fix the currency of every obligation. Decide whether the contract is in pesos or in dollars. If in pesos, remember that indexation clauses are void unless a statutory exception applies (Law 23.928, arts. 7 and 10, as replaced by Law 25.561). Check whether an exception covers your instrument, for example CER linked public bonds (Decree 1733/2004; Law 26.547 art. 4) (unconfirmed).
2. If in dollars, think about the 2002 precedent. In 2002 private dollar obligations were converted by decree at 1 to 1 or 1.40 to 1 (Decree 214/2002, arts. 1 to 3 and 8). No current norm provides for that; it is a tail risk, not a rule. Draft payment place, currency of account, alternative payment mechanics (for example payment abroad or in securities) and a governing law clause. Ask a local lawyer how the current Civil and Commercial Code treats foreign currency obligations (unconfirmed).
3. Check FX access before signing. Today's rules for dividends, repatriation, imports and debt are on the Exchange controls page. History shows they change quickly: controls were imposed by decree overnight in 2001 and 2019 (Decree 1570/2001; DNU 609/2019).
4. Model inflation with ranges, not a point. Use the BCRA series (Table 2) and today's numbers. In 2026 monthly inflation has ranged from 1.7% to 3.4% (BCRA series 27). Build at least one scenario with an exchange rate shock.
5. Look for the sovereign link. If your revenue depends on a public contract, tariff or subsidy, Law 25.561 art. 8 shows that the State has rewritten such contracts before. Check treaty protection (see the investment treaties page).
6. Check legal instruments for emergency powers. Emergency declarations come with delegated powers: Law 25.561 (2002), Law 27.541 (2019, art. 1 as recited in Decree 391/2020), DNU 70/2023 (to 31 December 2025) and Law 27.742 (one year) (DNU 179/2025, recitals). Find out whether any emergency is in force on your signing date (unconfirmed).
7. Document your FX and price assumptions. For audits and tax, note the source and date of every rate you use (BCRA Com. A 3500, MEP quote, CER).

Cost to do it. No government fee. Professional fees for an FX and indexation review of a contract (unconfirmed). Time: days, not months. Capital: none. If you hedge, cost depends on the market (unconfirmed).

Costs and timelines

Table 1. Currencies and zeros removed

Table 2. Inflation path by year (chart data)

December on December change in the CPI, in percent. Source: BCRA statistics API, series 28 ("Inflación interanual"), December values, downloaded 26 October 2026. The BCRA series is built on INDEC price indices; the API does not document which index is used in each period (unconfirmed). Figures for 2007 to 2015 come from a period in which the national statistics system was later declared in administrative emergency (Decree 55/2016, art. 1, BO 8 January 2016); many analysts consider official CPI figures for those years understated (unconfirmed).

For a chart: plot on a logarithmic scale. On a linear scale 1989 flattens every other year into a line at the bottom.

Table 3. The monthly peaks

Table 4. Exchange rate and reserves at turning points

Table 5. Fiscal results of the national public sector (cash basis)

The dollar conversions at the October 2026 MEP rate understate the 2024 and 2025 results in dollars of the time; the percentage of GDP is the meaningful figure. The 2024 release says the 2024 financial surplus was the first annual one since 2010.

Table 6. Sovereign debt events in official texts

Counting conventions differ. Some lists count 2014 and 2020 separately and leave out 1827 or 1956; others add provincial or local currency events. The commonly cited "nine" is a common figure, but no official source here gives it (unconfirmed).

Table 7. Timeline of norms with Boletín Oficial dates

BCRA press releases have no BO date: 12 Dec 2023 (new framework, ARS 800, 2% crawl), 16 Jan 2025 (1% crawl), 11 Apr 2025 (band), 20 Oct 2025 (US Treasury swap), 15 Dec 2025 (band indexed to CPI from 1 Jan 2026).

Worked examples

Example 1: what USD 1,000 in 1991 became by 2002 and by 2024

On 1 April 1991, US$ 1,000 bought A 10,000,000 (Law 23.928, art. 1, original text). On 1 January 1992 that became ARS 1,000 (Decree 2128/1991, art. 2). Four paths, ignoring interest, fees and taxes:

Path A: kept as pesos in cash.

Calculation for 2002: 1,000 ÷ 3.363 = 297.35. For 2024: 1,000 ÷ 1,032.5 = 0.9685.

Path B: kept as a US dollar deposit in an Argentine bank, pesified in 2002.

1. Conversion at 1.40: US$ 1,000 × 1.40 = ARS 1,400 (Decree 214/2002, art. 2).
2. CER adjustment from 2 February 2002 (CER = 1.0) to 31 December 2002 (CER = 1.4052907): ARS 1,400 × 1.4052907 = ARS 1,967.41 (art. 4; series 30).
3. Dollar value at the end of 2002: 1,967.41 ÷ 3.363 = US$ 585.02, a loss of about 41.5% before interest. The interest floor on deposits and the alternative bond option (art. 9) changed the real outcome for each saver.
4. Hypothetical: if the same CER adjusted peso claim had been kept to 2024 (no real instrument did this), at the end of 2024 the CER was 515.5161: 1,400 × 515.5161 = ARS 721,722.60, or 721,722.60 ÷ 1,032.5 = US$ 699.01. On 23 October 2026 (CER 858.6190): 1,400 × 858.6190 = ARS 1,202,066.60, which is US$ 786.56 at the wholesale rate or US$ 768.63 at MEP. Indexation preserved most of the value, which is why savers and lenders still prefer CER or UVA linked instruments.

Path C: kept as US$ 1,000 in notes outside the banks. Nominally still US$ 1,000, which shows why Argentines keep dollars outside the system. Its loss of purchasing power through US inflation (unconfirmed).

Path D: what ARS 1,000 of goods in December 1991 costs later. Compounding the BCRA monthly CPI (series 27): the price level rose by a factor of 1.818 to December 2002, 678.45 to December 2024 and 1,103.02 to September 2026. So goods that cost ARS 1,000 in December 1991 cost about ARS 1,818 in December 2002, ARS 678,446 in December 2024 and ARS 1,103,022 in September 2026 (about US$ 705 at the 23 Oct 2026 dólar MEP rate (unconfirmed)). Monthly data are rounded to one decimal, so these factors are approximate.

Reading the example. Measured in dollars, US$ 1,000 of goods in 1991 pesos cost about US$ 705 in October 2026, while the price of a dollar rose about 1,528 times. Both a 2002 saver who stayed in pesos and one who was pesified lost heavily against the dollar, but much less in real local purchasing power once CER applied.

Example 2: a dollar bank loan in 2001 and the winners from pesification

A company owed US$ 100,000 to an Argentine bank on 6 January 2002.

1. Pesification at 1 to 1: ARS 100,000 (Decree 214/2002, art. 3).
2. CER to 31 December 2002: ARS 100,000 × 1.4052907 = ARS 140,529.07 (art. 4).
3. Value at the end of 2002 rate: 140,529.07 ÷ 3.363 = US$ 41,787.42.
4. The debtor's burden fell by about 58% in dollar terms, before the interest cap (art. 4). The bank, which had to return deposits at 1.40 plus CER, was compensated with a Treasury bond (art. 7). Specific regimes for mortgages and small debts (unconfirmed).

In today's money the original loan is about ARS 156,390,000 at the 23 Oct 2026 dólar MEP rate (unconfirmed), for reference only.

Example 3: converting an old price into today's pesos

A 1965 contract shows a price of m$n 50,000,000.

1. To pesos (1970): 50,000,000 ÷ 100 = 500,000 (Law 18.188, art. 1).
2. To pesos argentinos (1983): 500,000 ÷ 10,000 = 50 (Law 22.707, art. 1).
3. To australes (1985): 50 ÷ 1,000 = 0.05 (Decree 1096/1985, art. 1).
4. To pesos (1992): 0.05 ÷ 10,000 = ARS 0.000005 (Decree 2128/1991, art. 2).

The nominal figure is meaningless today. For a real value, index with the CPI series instead (Example 1, Path D), and expect a court to apply its own updating method (unconfirmed).

Example 4: the inflation path as chart data

For a line chart, use Table 2 on a logarithmic axis. For a monthly chart from 2023 to 2026, these values come from series 27 (monthly %):

Compounding check: 1.029 × 1.029 × 1.034 × 1.026 × 1.021 × 1.019 × 1.021 × 1.017 × 1.019 = 1.2366 for January to September 2026, or 23.7%, against the 23.6% year to date figure INDEC reports (see the 10 minutes page); the difference comes from rounding the monthly rates.

Practical traps

1. The indexation ban outlived convertibility. Many foreigners assume it died with the peg in 2002. It did not (Law 23.928, arts. 7 and 10, as replaced). Peso contracts with CPI clauses need a statutory exception or a different structure.
2. "Dollar" contracts were rewritten once. Decree 214/2002 converted private dollar debts by decree. That precedent shapes Argentine drafting (payment abroad, in kind, or in securities). It also shows that courts can be asked to rebalance contracts (art. 8 readjustment right) (unconfirmed).
3. Do not convert old peso figures at today's rate. A 2024 surplus of ARS 1.76 trillion is about US$ 1.13 billion at the October 2026 MEP rate, but it was worth more in 2024 dollars. Use the rate of the date, or the percentage of GDP.
4. 2007 to 2015 CPI data are unreliable. The 2016 statistical emergency (Decree 55/2016) is the official acknowledgment. If you index anything over those years, use a documented alternative and say so.
5. "Cepo exit" is partial. Individuals have bought freely since 14 April 2025 (Com. A 8226), but companies still need approval to build external assets, and cross restrictions with securities trades still apply (see the exchange controls and MEP pages).
6. The band is a rule, not a promise. It was set on 12 December 2023 and changed three times by December 2025 (16 January 2025, 11 April 2025, 15 December 2025). Policy is set by BCRA press releases and communications that can change overnight.
7. The IMF approval by DNU is contested. Law 27.612 requires a law for IMF programs. DNU 179/2025 was used instead. Do not assume the question is closed (unconfirmed).
8. Default counts are not legal facts. "Nine defaults" is a convention. Whether 2014 was a default is disputed by Argentina's own law (Law 26.984, art. 2). In documents, describe the event, not the label.
9. Immunity lists matter. Every restructuring law lists assets that cannot be seized, starting with BCRA reserves (Decree 1735/2004, art. 3; Law 27.544, art. 3). Creditor remedies against the Republic are narrow.
10. Emergency laws are a habit. 2002, 2019 and 2023 each started with an emergency declaration that delegated powers to the Executive. Check what is in force before relying on a statute.
11. Law 27.249 art. 4 cites "decreto 1.734". Quote the text as published but note the probable typo for 1735/2004 (unconfirmed).

Recent changes

• 12 Dec 2023. Official rate set at ARS 800; 2% monthly crawl (BCRA release).
• 2024. Financial surplus of 0.3% of GDP, the first annual one since 2010 (Ministry of Economy, 17 Jan 2025).
• 16 Jan 2025. Crawl cut to 1% a month from 1 Feb 2025 (BCRA).
• 11 Mar 2025. DNU 179/2025 approves the IMF EFF credit operations.
• 11 Apr 2025. IMF EFF of US$ 20,000 million announced; "Phase 3" band ARS 1,000 to 1,400 (BCRA; Ministry of Economy).
• 14 Apr 2025. Com. A 8226 in force: individuals may buy foreign currency for savings without prior approval.
• 26 Sep 2025. Com. A 8336 reintroduces a 90 day cross restriction for individuals (see MEP page).
• 20 Oct 2025. BCRA and US Treasury swap of up to US$ 20,000 million.
• 15 Dec 2025. From 1 Jan 2026 the band moves by the latest monthly CPI; reserve purchase program (BCRA).
• 2 Jan 2026. Law 27.798 art. 62 adds an exception to the indexation ban, according to the Infoleg note on Law 23.928 art. 7 (unconfirmed).
• 16 Jan 2026. 2025 financial surplus of about 0.2% of GDP reported.
• Jan to Jul 2026. BCRA buys US$ 13,337 million (Monetary Policy Report Q2 2026).
• 6 Jul 2026. Ministry of Economy presents its 2026 to 2027 financing program: new debt only to refinance principal, interest paid from the surplus, and an investment grade rating as the stated goal.
• 13 Oct 2026. September 2026 CPI: 1.9% monthly, 33.4% twelve months (INDEC; BCRA series).
• 16 Oct 2026. Nine month financial surplus of about 0.3% of GDP reported.

Pending changes

• BCRA Charter reform. BCRA authorities presented a reform of the BCRA Charter to the Senate (BCRA news page) (unconfirmed).
• 2027 budget. Presented with a financial surplus (Ministry of Economy, 15 September 2026); the law must also set the cap on foreign law bond issues required by Law 27.612 art. 1 (unconfirmed).
• IMF repayment wall. Repayments of the 2022 EFF run from 2026 to 2034 (Ministry of Economy, 3 March 2022). How far the 2025 EFF refinances them (unconfirmed).
• Remaining company FX controls. No official timetable to remove point 3.10 prior approval was found (unconfirmed).
• Legal status of DNU 179/2025 under Law 27.612 (unconfirmed).
• INDEC CPI basket. Any change of CPI base or weights would affect the band (indexed since January 2026) and CER contracts (unconfirmed).

FAQ

1. How many times has Argentina defaulted? Nine is the common count. The official texts used here document the 2001 to 2005 default and exchange (Decree 256/2002; Decree 1735/2004), the 2014 blocked payment (Law 26.984) and the 2020 restructuring (Law 27.544; DNU 346/2020). The earlier six (unconfirmed) come from academic counts, and 2014 is contested.

2. Was the 1989 to 1990 hyperinflation really that bad? Yes. Prices rose 4,923.6% in 1989 and 1,343.9% in 1990 (December on December), 196.6% in July 1989 alone, and 20,262.8% in the twelve months to March 1990 (BCRA series 27 and 28).

3. What was convertibility, legally? Law 23.928 fixed A 10,000 per US$ from 1 April 1991, required reserves of at least 100% of the monetary base and banned indexation. From 1 January 1992 the peso replaced 10,000 australes at one peso per dollar (Decree 2128/1991). Law 25.561 ended it in January 2002.

4. What was the corralito? Decree 1570/2001 limited cash withdrawals to ARS or US$ 250 a week per holder and bank, banned most transfers abroad and kept electronic payments free. It was followed by pesification in February 2002.

5. Is indexation legal in Argentina today? As a rule, no for peso obligations: Law 23.928 arts. 7 and 10, as rewritten in 2002, still ban it. Statutory exceptions exist, such as CER linked bonds, and Infoleg lists more, including Law 27.798 of January 2026 (unconfirmed).

6. Is the "cepo" over? For resident individuals mostly yes since 14 April 2025 (Com. A 8226), with a 90 day cross restriction since September 2025. Companies still need prior approval to buy currency for savings or investment abroad. See Exchange controls.

7. How does the current FX band work? Since 14 April 2025 the MLC rate floats inside a band. It started at ARS 1,000 to 1,400, with the limits moving 1% a month. Since 1 January 2026 the limits move by the latest monthly CPI published by INDEC. The BCRA buys at the floor and sells at the ceiling (BCRA releases of 11 April and 15 December 2025).

8. Has the government really run a fiscal surplus? Officially yes: a financial surplus of ARS 1,764,786 million (0.3% of GDP) in 2024, ARS 1,453,819 million (about 0.2%) in 2025 and about 0.3% of GDP in January to September 2026 (Ministry of Economy). These are cash basis figures for the national public sector, not the consolidated provinces.

9. Why do Argentines quote prices in dollars? Because the peso lost 13 zeros in 22 years (1970 to 1992) and has lost about 99.9% of its value against the dollar since 1992 (ARS 1 in 1992, ARS 1,528 wholesale in October 2026). Dollar pricing for real estate and large contracts is a defence learned the hard way.

10. What did the IMF lend in 2025, and why does it matter for me? An EFF of US$ 20,000 million over 48 months, with US$ 15,000 million disbursed in 2025 (Ministry of Economy, 11 April 2025). It funded reserves and the lifting of controls on individuals. Program reviews can trigger policy changes, so watch them (unconfirmed).

11. Could pesification happen again? Nothing in current law provides for it, and the current program presents itself as respecting contracts (Ministry of Economy, 15 September 2026). But 2002 shows that a crisis law and a decree can rewrite contracts in weeks. Draft accordingly.

Primary sources

• Law 18.188 (BO 22 Apr 1969)
• Decree 214/2002 (BO 4 Feb 2002)
• Decree 256/2002 (BO 8 Feb 2002)
• Decree 260/2002 (BO 8 Feb 2002)
• Decree 1735/2004 (BO 10 Dec 2004)
• Law 26.017 (BO 11 Feb 2005)
• Law 26.547 (BO 10 Dec 2009)
• Decree 563/2010 (BO 29 Apr 2010)
• Law 26.984 (BO 12 Sep 2014)
• Decree 55/2016 (BO 8 Jan 2016)
• Law 27.249 (BO 1 Apr 2016)
• DNU 596/2019 (BO 29 Aug 2019)
• DNU 609/2019 (BO 1 Sep 2019)
• Law 27.544 (BO 12 Feb 2020)
• Decree 250/2020 (BO 10 Mar 2020)
• DNU 346/2020 (BO 6 Apr 2020)
• Decree 391/2020 (BO 22 Apr 2020)
• Decree 676/2020 (BO 16 Aug 2020)
• Law 27.612 (BO 3 Mar 2021)
• Law 27.668 (BO 18 Mar 2022)
• DNU 179/2025 (BO 11 Mar 2025)
• Infoleg metadata pages (BO dates)
• Statistics API, variable list and series 1 (reserves), 5 (wholesale rate, Com. A 3500), 27 (monthly inflation), 28 (twelve month inflation) and 30 (CER), downloaded 26 Oct 2026
• "Nuevo marco de política monetaria y cambiaria", 12 Dec 2023
• "El BCRA establece un nuevo sendero de desplazamiento de 1% mensual para el tipo de cambio", 16 Jan 2025
• "Inicio de la Fase 3 del Programa Económico", 11 Apr 2025
• Swap with the US Treasury, 20 Oct 2025
• "Profundización del esquema de agregados monetarios: fase de re-monetización 2026", 15 Dec 2025
• Monetary Policy Report, Q2 2026
• Monetary policy page
• Com. A 8226, 11 Apr 2025
• IMF Stand By, 7 Jun 2018
• IMF agreement sent to Congress, 3 Mar 2022
• IMF EFF US$ 20,000 million, 11 Apr 2025
• Fiscal result 2024, 17 Jan 2025
• Fiscal result 2025, 16 Jan 2026
• Fiscal result H1 2026, 16 Jul 2026
• Fiscal result September 2026, 16 Oct 2026
• Financing program 2026 to 2027, 6 Jul 2026
• Export Day speech on the 2027 budget, 15 Sep 2026
• CPI September 2026 and GDP Q2 2026, as used on the 10 minutes page

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