Draft:1989 hyperinflation in Argentina
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Last edited by Cambalachero (talk | contribs) 5 days ago. (Update) |
Argentina had a severe hyperinflation in 1989, the final year of the presidency of Raúl Alfonsín, who resigned because of it. Carlos Menem, president-elect at the time, took office earlier as a result. Hyperinflation continued during 1990, and ended with the convertibility plan. Both years the inflation rate was above 2600%.[1]
Development
[edit]Raúl Alfonsín lost the 1987 Argentine legislative election and, unable to regain public support, started the Spring plan in 1988 to stop the growing inflation before the 1989 Argentine general election. It had several price controls, and divided the foreign exchange market into an official market and a free market. The former would be used for exports and the later for imports. The minister of economy Juan Vital Sourrouille claimed that the Central Bank of Argentina had enough foreign exchange reserves to keep the free market under control, but refused to clarify the exact number of reserves available.[2]
See also
[edit]References
[edit]- ^ Pedro Pou (March 2000). "Argentina's Structural Reforms of the 1990s". IMF. Retrieved December 23, 2024.
- ^ Roberto Cachanosky (February 8, 2023). "A 34 años del 6 de febrero de 1989, cuando una decisión del Banco Central dio paso a la hiperinflación" [34 years after February 6, 1989, when a decision by the Central Bank gave way to hyperinflation] (in Spanish). Infobae. Retrieved December 23, 2024.
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Category:Presidency of Raúl Alfonsín Category:Economic history of Argentina Category:Inflation in Argentina Category:1989 establishments in Argentina Category:1990 disestablishments in Argentina