Economists at Wells Fargo expect the Argentine Peso to suffer a substantial depreciation this year.

Explicit Argentine Peso devaluation in Q4-2023

“Argentine authorities allowed for greater Peso depreciation in 2022; however, in order to continue receiving IMF disbursements, the central bank will need to allow for an even greater pace of currency depreciation.”

“Once presidential elections are completed in October, we believe an outsized and intentional Peso devaluation will materialize, and the Argentine Peso will be the worst performing emerging market currency in 2023.”