Foreign Central Banks
In January, the Argentine government abandoned the currency board arrangement that had maintained oneto- one parity between the peso and the U.S. dollar for about a decade. In its place is a dual exchange rate system with a fixed rate of 1.4 pesos per dollar for international transactions and a floating rate for all other transactions. Trading typically has been within the range of 1.5 to 2.0.
Suggested citation: "Foreign Central Banks," Federal Reserve Bank of Cleveland, Economic Trends, no. 02-02, pp. 18, 02.01.2002.