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Infographic: Central Bank’s emergency import closure

From The Essential

By | [email protected] | June 17, 2020 12:00pm

banco central

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Despite the continuous tightening of the restrictions to buy foreign products (or currency) at the peso’s official exchange rate, Argentina’s Central Bank has still been struggling with massive demand for relatively cheap imports, and thus been forced to sell many of its dollar reserves every day in currency markets to stop a devaluation. With net reserves dwindling closer to zero, its head Miguel Pesce took a page from the Kirchnerite playbook in order to halt that trend before the full crash…

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