NEWS
Alastair Stewart South America Correspondent
Fri Jan 24, 2014 10:59 AM CST

Argentina Devalues, But What Now?

Argentine farmers' attention was drawn from the showers that have been providing vital moisture to soybean and corn fields over the last couple of days to news that the government will allow a devaluation of the official peso exchange rate.

Finance Minister Axel Kicillof announced that, as of Monday, individuals will be allowed to buy dollars once again and the tax on exchange transactions into greenbacks would be lowered from 35% to 20%.

It's a move that will cause the official peso rate, which stood at 7.75 to the dollar last night, to slide towards ...

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