Floating towards disaster

Managing foreign exchange risk in Argentina since the peso’s devaluation has become something of a nightmare. Rob Dwyer examines what can and can’t be done

When Argentina abolished its convertibility law on January 6, the peso’s parity with the dollar ended, and companies in Argentina were ushered into a new era of foreign exchange risk. But while forex risk has become a potentially lethal exposure for many companies, little can yet be done to hedge forex exposures. Argentina’s central bank, fearing the collapse of Argentina’s weakened financial institutions, has maintained a fierce grip on the economy.

“It is very difficult to even find out

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