Argentina hikes bank reserves; Peso gains 1.9% vs the dollar and settles at 28.3

Tuesday, July 3rd 2018 - 07:33 UTC

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Argentina's central bank said on Monday that it hiked bank reserve requirements by 3 percentage points, following a hike of three percentage points on June 18 as monetary policymakers seek to calm inflation and end a run on the peso currency. The Peso gained 1.9% on Monday against the dollar. Read full article

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chronic
Peso is absolutely BOOMING!

It'll be $0.03 soon.
Jul 03rd, 2018 - 12:48 pm - Link - Report abuse +1
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Enrique Massot
This crisis and its quick deepening is the making of an exclusive group of CEOs who took power by lying to Argentine electors and has been bleeding the country since December 2015.

So this is not the making of the “Argentines” but that of a team that has been mortgaging the country's long-term future at a crazy pace. The current process should provide some answers to those who wonder why Argentina has been unable to take advantage of its natural resources and educated workforce.

Same as previous crisis, the main reason is that the ultra wealthy in Argentina have divided loyalties. This was clearly shown last March by Juanjo Aranguren, former Energy minister, who said he was keeping his money abroad because he did not trust Argentina's economy.

These guys are making money while Argentina sinks.

https://argentinareports.com/argentinas-energy-minister-admits-he-keeps-his-money-in-offshore-account/
Jul 04th, 2018 - 04:11 pm - Link - Report abuse -2
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