Argentina's central bank is setting a price floor under the volatile peso i...
BUENOS AIRES - Argentina’s central bank is setting a price floor under the volatile peso in hopes to avoid a sharp plunge in the currency after an opposition-won presidential election last Sunday shifted the country firmly back to the left.
Argentina’s markets have been held in limbo following a general election on Sunday, as traders and investors await signals from President-elect Alberto Fernandez about the future direction of Latin America’s no. 3 economy. U.S. Treasury Secretary Steven Mnuchin said on Wednesday the United States expected him to uphold the country’s commitment to the terms of a $57 billion IMF loan program agreed last year with conservative incumbent Mauricio Macri.
Argentina central bank president Guido Sandleris pledged on Monday to do everything possible to protect the bank’s reserves, as the South American country transitions to a new leftist government amid a swirling economic crisis.
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