I was looking at the historical exchange rates of the Argentine Peso(ARS) to United States Dollar(USD).
Why did the exchange rate flatten out in August 2023?
Source from Forbes, other charts are similar.
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To complement Freiheit's answer, with a more straightforward view. From the point of view of a non-Argentinean person, if you purchase something valued ARS350 with your credit card, you will be charged USD1. Meanwhile, if you walk the streets in Buenos Aires they will happily give you ARS1050 for a USD1 bill (strictly, they would usually only exchange USD100 bills, but the rate is the above as of today Oct 25, 2023).
So if you visit Argentina the smart way is to bring cash in US dollars and exchange them in the street. Which is particularly cumbersome because nowadays the highest bill in Argentina is ARS2000; yes, two dollars. So when you exchange USD100 you will be given at least fifty bills (most likely one hundred, as ARS1000 notes are way more common than ARS2000 notes).
After years of this, the government finally devalued the peso the day after the presidential primaries, taking the official rate to AR$350 to the dollar. The government plans to hold this level until November.
"This government has used a policy called “crawling peg” to manage the exchange rate. While pegging a currency to the dollar means setting a fixed exchange rate, the crawling peg means the currency is systematically and gradually devalued by a tiny amount, at a rate set by the government."