The Argentine Currency Board pegged the Argentine peso to the U.S. dollar between 1991 and 2002 in an attempt to eliminate hyperinflation and stimulate economic growth. While it initially met with considerable success, the board's actions ultimately failed. In contrast to what most people think, this peg actually did not exist, except only in the first years of the plan. From then on, the government never needed to use the foreign exchange reserves of the country in the maintenance of the peg, except when the recession and the massive bank withdrawals started in 2000.
Read more about Argentine Currency Board: Background, Flaws in Implementation, Results of The Currency Board, Abandonment of The Peg, Sources
Famous quotes containing the words currency and/or board:
“Money is the worst currency that ever grew among mankind. This sacks cities, this drives men from their homes, this teaches and corrupts the worthiest minds to turn base deeds.”
—Sophocles (497–406/5 B.C.)
“She hears me strike the board and say
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Being mentioned with a man
That has the worst of all bad names.”
—William Butler Yeats (1865–1939)