The currency is at around 67 per dollar, with tight controls limiting how much Argentines can convert to foreign currency and a steep tax on any exchange. On the black market, however, dollars are trading at almost 120 pesos.

That marks the widest gap between the two rates since 2014, according to traders and Reuters data, putting major pressure on the official currency and raising the threat of a sharp potential depreciation, analysts said.

Officially Argentines can only buy a maximum of 200 dollars per month, with a 30% tax on all purchase of foreign currency. The South American country's leaders says they intend to loosen currency controls, but only the once the fragile economy has stabilized.

Copyright Reuters, 2020