News Formal

Argentina vows to battle black market peso slide towards 500 per dollar

  • 📰 Reuters
  • ⏱ Reading Time:
  • 24 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 13%
  • Publisher: 97%

Business News News

Business Business Latest News,Business Business Headlines

Argentina's Economy Minister Sergio Massa pledged on Tuesday to unleash 'all tools' to counter a dangerous slide in the peso currency, which has plumbed near 500 pesos per dollar in popular black markets amid wider economic fears.

Argentine one hundred peso bills are displayed in this picture illustration taken September 3, 2019. REUTERS/Agustin Marcarian/Illustration

The 7% plunge on Tuesday followed Monday's 4.6% daily decline, already the largest in nine months. The gap between the black and official rates of some 124% is the widest since last July, which warps prices and further fans high inflation.

"I'd be very surprised if this government devalues the official exchange rate before the presidential election, but it's probably one of the first things the next government will do."

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 2. in BUSİNESS

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

These S&P 500 sectors are in positive earnings-revision territory, but tech has slipped, says RBCCompany earnings season for the first quarter is 'off to a decent start,' according to RBC Capital Markets.
Source: MarketWatch - 🏆 3. / 97 Read more »