With its wealth of natural resources and fertile land, Argentina enjoyed an abundant beginning to the 19th century and was one of the world’s richest countries one hundred years ago.
Through the years a chaotic political landscape, corruption, and free-for-all privatization in the 80’s and 90’s has wreaked havoc on the economy since the golden (or in Argentina’s case, silver) days.
Since the 2001 economic crisis and resulting devaluation of the peso, visitors looking to get mileage for their moolah have been flocking to Argentina, although tourism has slowed in the last few years.
The country’s economic situation has stabilized somewhat for citizens in the decade since the crisis. Unemployment numbers declined as well as poverty rates, although they are inching up again now that the country is undergoing austerity efforts. Argentina is still considered an affordable destination for travelers, but the 2002-2005 years of eight dollar steak and Malbec dinners have disappeared — for now. (Wine is still an affordable commodity though).
In the last few years rapidly rising inflation has made some food and services and any imported product quite pricey compared to a few years ago.
Blue Dollar No More/ Current Exchange Rates
Argentina had many years with currency restrictions in place, which created a black market for dollars, under the government of Cristina Kirchner. One of Mauricio Macri’s first moves as president was to regularize the flow of currency. Now the black market for foreign currency is almost obliterated. Travelers can still save a little money if they come to Argentina with US dollars — cash will fetch about 5% more on the black market. Carrying cash is also a good way to avoid steep atm fees which average US$7 per US$150 withdrawal. Another way to access money and avoid bank fees it to utilize a money exchange service such as the one on this site.
Travelers are legally permitted to enter Argentina with US$ 10,000 without declaring it. In Argentina, rates fluctuate, so check this currency converter before planning your trip.
