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Argentina's central bank said it will intervene in the forex market even when the exchange rate is within its non-intervention band. The bank can now sell dollars below the 51.448 peso upper limit, and it can sell $250 million daily above that level, up from $150 million.
The decision was approved unanimously by the monetary policy committee amid high inflation and political uncertainty ahead of October elections.
The central bank is tightening monetary policy to defend the peso, which can slow domestic inflation and limit farm-level currency gains. The policy shift signals more active currency management that could limit volatility for Argentine oilseed and grain exporters.
bnamericas.comApr 29, 2019Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
