Argentine central bank may issue up to 7 bln pesos

ARGENTINA - The central bank's new chairman, Aldo Pignanelli, has drafted a new monetary plan under which the central bank will issue up to 7 bln pesos to rescue commercial banks experiencing liquidity problems, newspaper Clarin reported.

Pignanelli handed his plan to Cabinet Chief Minister Alfredo Atanasof on Wednesday. Under the plan, the owners of the banks would have to inject 3 bln pesos into their units.

The plan has set at 9 bln US$ the minimum level for central bank reserves, the report