Alberto Fernandez will be the next president of Argentina and former President Cristina Fernandez vice president. Fernandez will face soaring inflation and a currency crisis when he takes office in December.

Until then, the central bank has imposed new currency restrictions.

CGTN’s Joel Richards reports from Buenos Aires.

Euphoria outside the campaign headquarters of Alberto Fernandez in Buenos Aires.

Singing ‘we’ll be back’ The Peronist Party’s candidate in Argentina’s presidential elections was declared winner in the first round of the elections, after taking 48% of the vote on Sunday.

“Until December 10, the president is President Macri, but of course we are going to collaborate as much as we can because the only thing that worries us is that Argentines stop suffering once and for all,” said Alberto Fernandez, Argentina president-elect.

The Centre-left candidate, a former cabinet chief in Kirchner governments, campaigned on a promise to address his voters’ main concerns.

This victory for the Peronist party is down to the often-divided politic movement throwing its full support behind one single candidate, Alberto Fernandez. But also part of the equation is the candidate for vice-president, former president Cristina Fernandez de Kirchner, who has been vital in securing millions of votes for this project.

While the Fernandez-Fernandez duo celebrated on Sunday night, across the city, disappointment for Mauricio Macri, who failed to secure a second term of office.

“I want to congratulate the president-elect Alberto Fernandez. I have spoken to him for the excellent election that he had and I have invited him to breakfast as we must begin to plan the period of transition,” said Mauricio Macri, Argentina president.

Argentina enters a phase of transition until the change of president on December 10th at a time of heightened economic instability.

On Sunday night the Central Bank announced tight restrictions on the purchase of foreign currency to curb falling reserves.

Once the euphoria calms, the job of steering the economy out of danger begins.

Eduardo Gamarra talks with Elaine Reyes about Argentina’s recent presidential election and the challenges facing president-elect Alberto Fernandez.

Philip Oxhom talks with CGTN’s Sean Callebs about the significance of Argentina’s presidential election and what happens next.