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Argentine peso on watch following end of currency controls

  • Having slumped over 20% over recent days, the Argentinian peso could fall further today after the government said on Friday that it would end a two-year-old ban on Argentines buying foreign currency.
  • That will allow the country's citizens to purchase dollars, which they are obsessed with following crises such as the one in 2002. However, the Central Bank, the main source of foreign exchange, has reserves of less than $30B.
  • The government hopes the move will cause the official peso rate of $8 to converge with the black-market figure of $11.70.
  • ETF: ARGT
Comments (1)
  • Philip Marlowe
    , contributor
    Comments (973) | Send Message
     
    The peso rate is not $8 it is 8 per dollar.
    27 Jan, 05:25 AM Reply Like
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