Argentina's central bank used $50 million in its own reserves, for the firs...
FILE PHOTO: A man shows Argentine pesos outside a bank in Buenos Aires' financial district, Argentina August 30, 2018. REUTERS/Marcos Brindicci
BUENOS AIRES - Argentina’s central bank used $50 million in its own reserves, for the first time since September last year, to intervene in the foreign exchange market and defend the peso in the face of a massive sell-off, traders said.President Mauricio Macri’s poor performance in Sunday’s primary election sparked a 30% crash of the local currency on Monday, triggering concern on Wall Street that the central bank may strain its reserves with large-scale dollar sales.
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