# IMF says supports Argentina floating exchange rate as peso tumbles

> The IMF said it supports Argentina's floating exchange rate after the peso depreciated rapidly. Argentina had requested a stand-by arrangement, and the central bank sold reserves and raised interest rates to 40 percent to contain inflation.

- Date: 2018-05-14 · published 2018-05-14T12:00:00.000Z
- Category: macro · region Argentina · magnitude medium
- Page: https://feedsoft.ai/events/65309-imf-says-supports-argentina-floating-exchange-rate-as-peso-tumbles
- Commodities: [Argentine Peso (ARS per USD)](https://feedsoft.ai/c/USDARS.md), [Soybean Meal](https://feedsoft.ai/c/SBM.md)

## Why it matters

A weaker peso makes Argentine soybean and meal exports cheaper in dollar terms, which can add farmer selling and pressure world soymeal prices.

## Read by commodity

- SBM: bearish ▼
- USDARS: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| SBM | 2021-10-22 | [Unofficial exchange rate shows Argentina's de facto devaluation — MercoPress](https://feedsoft.ai/events/44847-unofficial-exchange-rate-shows-argentina-s-de-facto-devaluation-mercopress.md) | +1.5% | +11.6% |
| SBM | 2018-08-30 | [Argentina hikes interest rate to 60 percent; peso plunges \| AP News](https://feedsoft.ai/events/63820-argentina-hikes-interest-rate-to-60-percent-peso-plunges-ap-news.md) | +2.9% | +2.0% |
| SBM | 2018-09-27 | [Argentina peso slides after record loan with IMF \| AP News](https://feedsoft.ai/events/63331-argentina-peso-slides-after-record-loan-with-imf-ap-news.md) | -0.1% | -0.5% |
| SBM | 2018-08-30 | [Argentina crisis: Peso crashes to record low amid IMF plea](https://feedsoft.ai/events/63822-argentina-crisis-peso-crashes-to-record-low-amid-imf-plea.md) | +2.9% | +2.0% |
| SBM | 2018-05-03 | [Argentina peso crashes 7.8 pct despite 2nd interest rate jolt](https://feedsoft.ai/events/65312-argentina-peso-crashes-7-8-pct-despite-2nd-interest-rate-jolt.md) | -2.7% | -6.2% |

## Sources

- reuters.com: https://www.reuters.com/article/argentina-peso/update-1-argentine-peso-opens-6-22-pct-weaker-sets-new-record-low-traders-idUSL2N1SL0GW/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.