Page "Economic history of Argentina" Paragraph 63

Argentina abandoned the gold standard in December 1929, earlier than most countries.

For much of the previous period, the country had operated a currency board, in which a body known as the caja de conversión was charged with maintaining the peso's value in gold.

The devaluation of the peso increased the competitiveness of its exports and protected domestic production.

Argentina saw the value of its exports drop from $ 1, 537 million in 1929 to $ 561 million in 1932, but this was by no means the most severe downturn in the region.