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peso
noun
Former unit of currency in Spain a Spain's colonies worth 8 reales; Spanish dollar.
Exact(60)
Pound sterling is very strong against the Argentine peso, so short local flights are affordable right now.
Since the start of the year the government has devalued the Argentine peso by over 20%, causing inflation expectations to spike.
Since 1994 it has used a weak peso, in which Cubans are paid, and a "convertible" peso, pegged to the dollar, for trade and tourism.
Partly in hope that this trend will reverse itself, and partly in fear that the government will devalue the peso further, farmers are stockpiling soya rather than selling it.Meanwhile, the government cannot tighten outflows much more than it already has.
The exchange rate for the peso is 24 per CUC, a level that has changed little since the CUC was created in 1994.In this section Picturesque, but doing poorly Day zero or D-Day?
It is one peso per CUC (or dollar).
In late 2001 the Argentine government curtailed bank withdrawals and foreign-exchange transactions, a programme dubbed the corralito ("little fence"), before devaluing the peso substantially.The corralito ended in 2002 and Argentina enjoyed several years of strong economic growth.
It creates huge distortions in the economy, allowing importers to buy a dollar's-worth of goods for one peso, a wheeze that drains precious foreign exchange from the country.
Battling an inflation rate that is expected to reach 40% this year and seeking to conserve the country's reserves, Mr Fábrega had supported moves earlier this year to raise interest rates and devalue the peso.
Yet the government still interferes with international transactions whenever peso depreciation and inflation threaten economic trouble.
They are the Cuban peso, which most people use, and the convertible peso (CUC), worth about $1, which is a dollar substitute used by individuals in tourism, for remittances and in the private sector.
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