Argentina’s central bank will alter its exchange rate scheme and speed the rebuilding of its hard currency reserves, as President Javier Milei tries to quell investor concerns about the country’s chronically low supply of dollars.
The monetary authority said in a statement on Monday that starting January 1 it would expand the upper and lower limit of the peso’s exchange rate band each month according to the previous month’s inflation rate, rather than by 1 per cent a month as under the current system.
Monthly inflation ran at 2.5 per cent in November.
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