Argentina was the sixth country out of 170 nations with the highest accumulated inflation rate. The country was ranked in the top ten in volatility of its growth rate.
A new administration took office that proposes combating inflation based on the elimination of the fiscal deficit, and the use of the exchange rate as a nominal anchor. Accelerating the depreciation would imply an acceleration of inflation and the failure of the program that the Government is attempting, says Hernández. It is impossible to ignore that Argentines use the dollar as a unit of account, he says.