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
Foreign relations of Argentina Foreign relations of Argentina This article deals with the diplomatic affairs, foreign policy and international relations of Argentina. At the political level, these matters are officially handled by the Ministry of Foreign Relations, also known as the "Cancillería", which answers to the President. The Minister of Foreign Relations, since June 2017, is Chancellor (es: "Canciller") Jorge Faurie. Owing to its geographical remoteness, local authorities in what is today Argentina developed an early sense of autonomy. Based largely on economic needs, during colonial times their pragmatism led to a flourishing unofficial market in smuggled goods, out of the then-small port of