Peso down almost 30% as Argentina lifts capital controls
Capital controls lifted allowing greater access to foreign exchange
Argentina's currency fell by almost 30% against the US dollar during early trading today (December 17), after the new government began the process of lifting the country's capital controls.
Yesterday evening the authorities moved to widen access to foreign exchange and let the peso float more freely. The exchange rate responded by dropping 29% as markets opened, before a slight uptick. It settled at 13.62 pesos per dollar, after starting the day at 9.81.
Prior to the change, Alberto Cavallo
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@centralbanking.com or view our subscription options here: http://subscriptions.centralbanking.com/subscribe
You are currently unable to print this content. Please contact info@centralbanking.com to find out more.
You are currently unable to copy this content. Please contact info@centralbanking.com to find out more.
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Printing this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@centralbanking.com
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Copying this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@centralbanking.com
More on Currency
RBNZ seeks views on design of ‘digital cash’
New Zealand central bank continues proof-of-concept work on “private and secure” CBDC
New Zimbabwe governor introduces ‘gold-backed’ currency
Adoption of sixth new currency in 18 years is “chaotic”, media reports
Digital money could boost Pacific island economies – IMF research
Loss of correspondent banking relationships may be offset by digital money infrastructure
Malaysia using more yuan and ringgit for trade, BNM says
Central bank says the use of dollars for settlement has remained stable over last 14 years
HKMA launches next phase of CBDC pilot and sandbox
Hong Kong project will explore programmability, tokenisation and atomic settlement
BSP says it will complete wholesale CBDC pilot this year
Philippines central bank will test CBDC for interbank fund transfers and securities settlement
Book notes: The ruble: a political history, by Ekaterina Pravilova
Indispensable reading for anyone interested in Russia and comparative, long-term historical accounts of monetary ideologies and practice
Bulgaria unveils euro coin designs after central bank act amended
Accession to single currency delayed due to high inflation and legal barriers