Best currency of the year: the Argentine peso has appreciated by 44.2% against the dollar, according to the Financial Times.

In 2024, the Argentine peso strengthened by 44.2 percent, outperforming any other currency.

This was reported by the publication Financial Times.

According to the publication, this growth more than doubled the performance of the Turkish lira, which came in second with a 21.2% increase.

It is noted that the Argentine currency began to rise after seven years of continuous decline. This strengthening resulted from the economic strategy of President Javier Milei, who focused on stabilizing the economy that was on the verge of hyperinflation before his election.

According to data from the Bank for International Settlements, analyzed by consulting firm GMA Capital, this led to an almost doubling of the average salary in Argentina in dollar terms, rising to $990 from December 2023 to October 2024.

At the same time, it is reported that the foreign exchange reserves of the Central Bank of Argentina are nearly depleted due to efforts to maintain a high peso exchange rate, and the Central Bank is “striving to restore them.”

Meanwhile, economists expect Argentina's economy to finish 2024 with an annual contraction of 3%, but a growth of 5.2% is projected for 2025. However, this would only return GDP per capita to the level of 2021, when the economy was just beginning to recover from the pandemic.

Background. Earlier, Mind reported that Bitcoin stabilized after reaching historical highs. Its current value stands at $96,000.