Market News
Argentina central bank speeds up FX sales to prop up peso - REUTERS
By Jorge Otaola
Summary
- Argentina cenbank speeds up FX sales to support currency
- Pressure on peso has risen amid IMF deal uncertainty
- Government has rebuilt reserves, but they remain in the red
BUENOS AIRES, March 18 (Reuters) - Argentina's central bank is being forced to sell dollars at an accelerated rate to prop up the peso amid rising global uncertainty, including questions over a new deal with the International Monetary Fund.
The bank, which has been battling for over a year to reverse a deep deficit in foreign currency reserves, sold off over half a billion dollars in the latest two rounds of interventions, breaking a six-week streak of net dollar purchases.
