The newly elected conservative President Mauricio Macri’s financial ministry announced the elimination of foreign exchange restrictions on Wednesday.
The restrictions were enacted by previous left-wing leader Cristina Kirchner to combat tax evasion and stop capital flight, but resulted in a considerable gap between official and "black market" exchange rates.
After the move, financial experts forecast the peso to climb from 9.82 to 15 per $1.
Macri campaigned on a pledge to liberalize the currency market and increase reserves up to $25 billion over the next four months. The country’s central bank currency reserves have dropped to $24 billion from over $52 billion in four years.