In September 2025, exchange rates were significantly influenced by high inflation, policy shifts, foreign currency demand, and ongoing economic instability. Argentina continues to grapple with soaring inflation, currency devaluation, and government spending cuts. In Ghana, persistent demand for foreign currency is weakening the cedi, while Venezuela’s bolivar keeps losing value amid a severely deteriorating economy.
Global Currencies Losing Value Against the U.S. Dollar:
ARS - Argentine Peso
The Argentine peso continues to weaken due to high inflation, relaxed currency controls, and a series of economic reforms introduced by the government. President Milei is aiming to end the country’s reliance on government overspending through gradual currency devaluation and significant spending cuts. While Milei warns inflation may rise further in the short term, public response has been mixed. Some are optimistic about long-term stability, but widespread protests and strikes highlight strong domestic opposition, adding to uncertainty around the peso’s future.
GHS - Ghana
The Ghanaian cedi has weakened over the past month, largely due to continued high demand for foreign currency, particularly the US dollar. This has contributed to weakening confidence, as market participants increasingly expect further depreciation and lean toward holding dollars. In some sectors, many transactions in Ghana are being carried out in USD, reducing reliance on the cedi and further driving down its value.
VES - Venezuela
Venezuela continues its refusal to publish official exchange rates due to the ongoing economic collapse, which has resulted in the bolivar plummeting in value, according to estimates. Hyperinflation and capital controls have led to a growing preference for stablecoins and cryptocurrency in everyday transactions, further weakening the value of the bolivar.
The Impact of Currency Volatility on Mobility Programs
The currency swings in Argentina, Ghana, and Venezuela are a reminder of how quickly exchange rates can reshape the cost of international assignments. When currencies shift, companies face the challenge of keeping pay fair, managing payroll across borders, and maintaining consistent purchasing power for employees on assignment.
Choosing the right pay currency — home, host, or a fixed one like USD or EUR — has become a strategic decision. Frequent fluctuations can also trigger out-of-cycle COLA updates, adding pressure on budgets and program consistency. Understanding how other organizations handle these challenges helps mobility teams stay competitive while keeping costs predictable.
Participate in AIRINC’s 2025 Long-Term Assignment Survey
To understand how companies are navigating these issues and more, AIRINC is running a comprehensive survey on long-term assignment design. It covers everything from pay currency and payroll setup to COLA management, housing, tax, and flexibility in policy design.
The survey is detailed but you can save your progress and come back anytime. All responses are confidential, and participants will receive a complimentary summary of the findings once the research is complete.
Coming Soon: Back-to-Basics – COLA & FX Rates Webinar
We’ll also be hosting another of our popular Back to Basics webinars soon, taking a closer look at how exchange rates affect COLA calculations and assignment costs. Keep an eye out for details and registration information via our blog AIRSHARE.
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