Connect with us
  • tg

Forex

Argentine central bank logs biggest U.S. dollar purchase in five months

letizo News

Published

on

Argentina’s central bank purchased $451 million of foreign currency on Wednesday to bolster its dwindling hard currency reserves, after daily sales from farm exports topped $1 billion, providing some relief for the country’s hard-hit finances.

The currency move on Wednesday marks the biggest such purchase since late December.

In May, the central bank bought a total of $855 million, according to traders consulted by Reuters, the largest monthly purchase of greenbacks since last September.

The government has incentivized grain exports – Argentina’s main source of dollars – in the last two months with a preferential exchange rate, helping bring in over $5 billion in total. That measure formally ended on Wednesday.

The South American country’s prolonged economic slump has taken a toll on the bank’s foreign currency reserves, which are needed to pay down debt as well as to finance many imports.

Forex

Asia FX dips as dollar firms on trade cheer; US-China talks loom

letizo News

Published

on

Continue Reading

Forex

Further dollar losses look likely – RBC

letizo News

Published

on

Continue Reading

Forex

Recent euro strength may lead to a roughly 2% fall in European earnings, Citi says

letizo News

Published

on

Continue Reading

Trending

©2021-2024 Letizo All Rights Reserved