Argentina abandons free float as peso crisis continues

Central Bank of Argentina
The Central Bank of Argentina
Banco Central de la República Argentina

The Central Bank of Argentina (BCRA) largely abandoned its policy of non-intervention in the exchange rate on April 29, while still claiming it is retaining the flexible exchange rate policy agreed with the International Monetary Fund (IMF).

The peso suffered a sharp drop this month, falling more than 9% against the US dollar between a peak on April 18 and April 29, as investors questioned reform progress in the troubled Latin American economy. Overall this year, the Argentine currency has

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