Argentina Peso Collapses 30% To Record Low After Election Shock

#21621
Helmholtz Watson
Participant

Argentina’s central bank sold $248 million from its reserves to try to steady the peso by Wednesday afternoon

Total sales in reserve dollars to $503 million this week.

The bank has about $66 billion in reserves, of which about $20 billion are free resources that it can used to pay debt and stabilize the peso, according to an Argentine government official.

Debt payments for the remainder of 2019 are estimated between $5 billion to $10 billion, depending on Argentina’s ability to roll over domestic Treasury bills, leaving a thin margin to intervene in the foreign exchange market.

There is an additional $27 billion in maturities in 2020, according to government data.