Nevertheless, following decades of mismanagement and statist policies, the economy in the late 1980s was plagued with huge external debts and recurring bouts of hyperinflation. Argentina's currency has traded at par with the US dollar since April 1991, and inflation has fallen to its lowest level in 50 years. Argentines have responded to price stability by repatriating capital and investing in domestic industry. The economy has since recovered strongly. The IMF has urged additional economic reforms to ensure equitable long-term growth.
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