Economy

Argentina’s central bank wants to establish a floor for foreign exchange in the country

The economic authority of the Latin American country hopes to avoid a huge drop of the currency after the center-left candidate victory in the presidential elections

Alberto Fernández, Argentina’s centre-left opposition leader
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  • By Monday (28) shortly after the election, the Argentine Central Bank had already decided to limit the buying and selling of dollars to $ 200. But the parallel currency market skyrocketed;
  • Investors and entrepreneurs are looking forward to the new president’s plans.

The Central Bank of Argentina is working to establish a floor for foreign exchange in the country. According to Reuters, the economic authority wants to prevent a sharp drop in the currency following the victory of the center-left candidate in last Sunday’s presidential election.

By Monday (28) shortly after the election, the Argentine Central Bank had already decided to limit the buying and selling of dollarsby individuals to $ 200. But the parallel currency market skyrocketed.

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On Thursday, the day the Argentine Central Bank offered 59.99 dollar in the market, the US currency dropped and closed the day at 59.68 Argentine pesos.

A spokesman for center-left Peronist leader Alberto Fernández said he would travel to Mexico on Friday. Investors and entrepreneurs are looking forward to the new president’s plans.

As LABS has already shown, Fernández will face a series of economic problems, starting with protecting the country’s reserves, already insufficient to contain the dollar alone, and a tough negotiation of a giant debt with the International Monetary Fund (IMF) and other lenders.