A Guide to Argentina’s Myriad FX Rates

Argentina’s government has created a tangle of rules about who can access dollars and for what, spawning a dozen exchange rates and making an already vexing system more complicated in a bid to delay a devaluation.

Unlike every other major economy, the South American nation doesn’t have a free-floating currency. President Alberto Fernandez’s administration restricts the peso’s daily decline through a cobweb of currency controls, price freezes and import restrictions to protect dwindling dollar reserves.

The policy hasn’t fully worked — the central bank’s international reserves have slumped to a 17-year low. At the same time, it has created …