Economic history of Argentina reforms such as open trade. On 1 January 1992, a monetary reform replaced the austral with the peso at a rate of 10,000 australs for 1 peso. The cornerstone of the reform process was a currency board, under which the peso was fixed by law at par to the dollar, and the money supply restricted to the level of hard-currency reserves. A risky policy which meant at a later stage Argentina could not devalue. After a lag, inflation was tamed. With risk of devaluation apparently removed, capital poured in from abroad. GDP growth increased significantly and total employment rose steadily
Gaucho (currency) without any initial plans to establish a common currency. Later, in 1994, Brazil established the Brazilian real, still in use, putting an end to the frequent currency changes that took place in the country throughout the 1980s and the 1990s. On such panorama, the Gaucho plan has been virtually shelved. On 17 July 1987, in the city of Viedma (Río Negro, Argentina), President Raúl Alfonsín of Argentina and President José Sarney of Brazil signed Protocol Number 20 which stated the following: Considering: Viedma, 17 July 1987 Gaucho (currency) The Gaucho was the name of a currency intended to be used