2018–present Argentine monetary crisis

[8] Though these measures were applauded by experts and foreign trade-organisations, they failed to produce the economic boom that the Macri administration had promised during the electoral campaign.

[9] However, the small economic growth was enough to provide Macri with a victory at the 2017 midterm elections, surpassing Kirchner in the Buenos Aires province by a wide margin.

[10] Since the late 2010s, prolonged inflation remained a constant problem of economy of Argentina, with an annual rate of 25% in 2017, second only to Venezuela in South America and the highest in the G20.

[12] An intense drought, ranking among the world's worst natural disasters in 2018, reduced the production of soy and dried up tax revenue.

The effect, a rise in the price of the United States dollar, was modest in most countries, but it was felt particularly strongly in Argentina, Brazil and Turkey.

[11][14] Despite the high-interest rates and IMF support, investors feared that the country might fall into a sovereign default once again, especially if another administration were to be voted in during the next election cycle, and started pulling out investments.

The new peronist administration immediately refused to take the remaining $11 billion of the loan, arguing that it was no longer obliged to adhere to the IMF conditions.

[19][failed verification] The value of the peso continued to plummet as foreign investors pulled out and the COVID-19 pandemic hit the country in early 2020.

[21] These measures caused the underground foreign exchange market to come back to life, despite efforts made by the previous Macri's administration to stamp it out, further weakening Argentina's control over its economy.