Peso Claws Back, Gains Ground Against US Dollar

The peso appreciated against the dollar today, closing at 24.68 – 3.25 percent higher than yesterday – on a day in which the Central Bank and government moved to shore up the peso on multiple fronts.

Seeking to stabilize the peso as AR $617 billion in LEBACs expired today, the Central Bank (BCRA)  once again offered to buy US $5 billion at AR $25 to the US dollar. That was matched by operations in the dollar futures markets as well as the re-opening of the fixed-rate BOTE (Treasury Bonds) to soak up spare pesos and to entice investors to take on peso-denominated debt.

The announcement, made today by the Finance Ministry, sets out bonds that come to maturity in 2023 and 2026 and pay fixed annual nominal interest rates in pesos of 16 and…

Original published: 2018-05-15 22:17:38 Read the full Buenos Aires News here

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