Argentine bond prices fell to record lows on Monday and a jittery peso see-sawed...
BUENOS AIRES - Argentine bond prices fell to record lows on Monday and a jittery peso see-sawed between losses and gains after the country imposed capital controls on Sunday in a bid to stem a currency rout that is sharpening the risk of default.
“The dollar at this level is now strong enough,” Treasury Minister Hernan Lacunza told a news conference. “All these measures have the central objective of stability.” The presence of Fernandez de Kirchner on the ticket has caused concern about the return of the interventionist left to power, although the more moderate Alberto Fernandez has said that he alone will set policy in his administration.Confidence is nonetheless running low. Unusually long lines formed at banks in Buenos Aires on Monday, with depositors looking to withdraw dollars or pesos from their account, despite the government saying the financial system remains solid.
Having announced changes to Argentina’s bond payment scheduled last week, the application of currency controls was the second measure by Macri that flew in the face of his own promise to use orthodox policies to straighten out the chronically-troubled economy. Macri’s new controls may be difficult to back out of later, analysts said.
The central bank has been authorized to restrict purchases of dollars as it burns through its reserves to prop up the peso. Investors fretted that once the controls are in place, they will be difficult to end, possibly leaving Argentina with an economy once again distorted by government intervention.
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