Reported 1 day ago
Argentina's central bank expended $803 million this week from its foreign reserves to satisfy a spike in demand for dollars from importers, particularly in the automotive sector, ahead of a significant bond payment. This intervention marks the largest single-day reserve sale since October 2019, as President Javier Milei's abolition of a key import tax increased the urgency for foreign currency. Concerns linger over Argentina's dwindling net foreign reserves, crucial for the economy and upcoming sovereign bond payments, which amount to $9 billion in 2024.
Source: YAHOO