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
History of Argentina in reference both to the "Revolución Argentina", the Brazilian military regime (1964–85), Augusto Pinochet's regime (starting in 1973) and Juan María Bordaberry's regime in Uruguay. Onganía's Minister of Economy, Adalbert Krieger Vasena, decreed a wage freeze and a 40% devaluation of the currency, which strongly affected the state of the Argentine economy, in particular the agricultural sector, favoring foreign capital. Vasena suspended collective labour conventions, reformed the hydrocarbon law which had established a partial monopoly of the "Yacimientos Petrolíferos Fiscales" (YPF) state enterprise, as well as passing a law facilitating expulsions in case of failure to pay rent. Finally, the