Argentina Seen Extending World’s Biggest Currency Decline
This article is for subscribers only.
Argentina’s peso is poised to extend losses as the government said it will relax controls on the currency, a day after allowing the biggest devaluation since 2002 to arrest a decline in foreign reserves.
Argentines will be able to buy dollars for savings in proportion to their income, Cabinet Chief Jorge Capitanich said today in Buenos Aires. The peso’s 12 percent plunge yesterday marked the latest effort by President Cristina Fernandez de Kirchner to shore up an economy buffeted by inflation running at an estimated 28 percent and reserves at a seven-year low.