Naturally, that was the moment of greatest value of the ITCRMwhen the North American currency had free float and there was no restriction that would generate parallel quotes. So, by June of that year, the ITCRM was 198.85 points, that is, 101% higher than the current 98.5 points that he Central Bank reports measuring the official value of 182.50 pesos.
If one takes into account that the blue dollar reached a gap greater than 100% in relation to the official priceit is possible to observe that the 355 pesos could at least be linked to one of the highest values in the last two decadesespecially if one takes into account that during part of the Kirchner period, when ITCRM He also knew how to be below 100 points, the gap never exceeded 50%.
In this sense, it is also useful to know if that value of 2002 was exceptional or on the contrary marked a trend. For this, the graph of central bank allows us to observe that said value of 2002, which placed Argentine salaries among the lowest in the world measured in US currencywas unsustainable over time, so that after that peak in June, successive appreciation of the national currencywith which the ITCRM dropped to 151 by February 2003, 127 by November 2008, and below 100 by mid-2013 (where there were already restrictions and parallel dollar, but, again, the gap was not greater than 50%). Then he went up with the strong devaluations occurred in the macrista administration, but without ever exceeding 136 points.
In this way, a greater and significant rise in the gap of the parallel dollar, it would only be demonstrating the return to anomalous moments of the Argentine economyexplained more for conjunctural political issues than for historical reasons.
Source: Ambito
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