Argentina's central bank will have to toe a politically fraught line betwee...
BUENOS AIRES - Argentina’s central bank will have to toe a politically fraught line between providing support for the crumbling peso without blasting through its reserves to salvage the currency as a presidential election looms in October, analysts said on Friday.
“One strategic element for the government and the opposition is how the current reserves of the central bank are used,” consultancy Fundacion Mediterranea said in a note. After losing about a quarter of its value in the first three days of the week, the peso has since stabilized. On Friday morning it was up over 2% at 56.25 pesos per U.S. dollar, giving policymakers a bit of breathing room.
The shelving of the taxes was the boldest in a series of fiscal loosening measures totaling hundreds of millions of dollars that Macri has unveiled since the primary vote as he seeks to salvage his re-election bid and breathe some life into the recession-battered economy.
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