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Argentina's central bank makes biggest daily dollar sale in six years to curb peso slide
Argentina's Central Bank spent $53 million to defend the peso after it breached the trading band ceiling amid economic pressures and political uncertainty ahead of midterm elections.
- Argentina's Central Bank sold $53 million to defend the peso after it fell to 1,474.50 per dollar, breaching its trading limit for the first time.
- The peso broke through its trading limit, marking the first failure of the trading band system introduced in April, as inflation exceeds 200% annually.
- Despite a 6.3% economic growth in the second quarter, the peso has weakened 53% this year, raising concerns amid upcoming elections on October 26.
- Recent market interventions by Argentine regulators aim to curb demand for dollars and defend the peso amidst decreasing political support for the government.
23 Articles
23 Articles
Argentina's central bank makes biggest daily dollar sale in six years to curb peso slide
Argentina's central bank on Friday made its largest daily dollar sale in nearly six years as it continued to use reserves to support the local currency, meeting strong dollar demand from institutional investors wary of political instability.
Economists warn that the Central Bank's foreign exchange sales and the dollarization of portfolios reflect a process of demonetization that is difficult to reverse
The central bank of Argentina has made a new intervention on the exchange market today after the dollar over the foreign exchange band's roof. In all, more US$ 379 million were invested. In two days, US$ 432 million were spent on the market, and analysts estimate that the cash reserves of the Argentinian BC are currently in US$ 6 billion. PIB: Argentin economy fell in the second quarter, interrupting recovery Entente: Argentina opened the exchan…
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- 34% of the sources lean Left, 33% of the sources are Center, 33% of the sources lean Right
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