Argentina floats peso

Argentina let the currency float freely and the peso tumbled as much as 30 percent.

“This is a significant and bold step toward the correction of the main price distortion currently affecting the economy, and more importantly toward the implementation of a sound, sustainable and credible policy framework,” Mauro Roca, a New York-based economist at Goldman Sachs Group Inc., wrote in a report.

The central bank of Argentina is facing a rough path ahead, it seems.