The search for "endogenous" dollars

ARGENTINA - Report 10 Jun 2025 by Joaquin Cottani

Argentina is a bi-monetary economy not because the peso and the dollar circulate with equal ease but because, to protect themselves against inflation, Argentineans have traditionally invested a large percentage of their wealth portfolios in US dollar instruments, including cash held in dollars that is kept unreported and "under the mattress". For normal transactions, Argentineans prefer using the peso, and this is unlikely to change. The government uses the terms "endogenous dollarization" and "competition of currencies" interchangeably even though they are very different things.

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