Argentina announces measures to boost foreign reserves
Many Argentines see converting their pesos to US currency as their only defence against the ravages of inflation, which hit its highest level in three decades in 2022. – AFP pic, July 25, 2023.
THE Argentine peso lost value on the informal market yesterday as the government announced measures to bolster dwindling reserves while it negotiates a loan repayment plan with the International Monetary Fund. The rate on the informal market rose to 550 pesos to the dollar from 528 pesos last week as the government said it would take steps to stimulate exports and discourage imports.
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