Meanwhile, Argentina’s parallel exchange rate declined 17% last week, prompting local shop owners to post signs announcing a 20% mark-up on all listed prices. The country’s foreign bonds, which were restructured in 2020 after a third default this century, are trading at 20 cents on the USD. The gap between the parallel exchange rate at 272 pesos per USD, and the official exchange rate at 127 pesos per USD, has blown out to levels not seen since the last devaluation panic in 2020. The country’s central bank chief said “we have a competitive exchange rate, and there is no reason the peso should devalue to meet the parallel rate”.