On Tuesday, the “blue” dollar registers a new nominal maximum at around 705 Argentine pesos for salewith an increase of 25 pesos per day or 3.6%, after the astonishing triumph of the libertarian Javier Milea in the primary elections.
In a limited business context due to police control in central Buenos Aires, peso fell 2.84% to 695/705 per dollar against the previous record of 695 units on Monday.
The Central Bank devalued the official peso the day before at 350 for every dollar and fixed this parity until the general elections in October, which gave an exchange rate gap of 101.4%.
Ultra-liberal candidate Javier Miley was the candidate with the most votes on Sunday in the preparatory primaries for October’s general election, with the anger and apathy of Argentines as the protagonists after prolonged economic crisis.
Last Monday, the International Monetary Fund (IMF) assured that it appreciates the recent political actions of the Argentine authorities and the country’s commitment to maintaining economic stability.
“We appreciate the authorities’ recent political actions and their commitment to maintaining stability, rebuilding reserves and strengthening the fiscal order,” IMF spokeswoman Julie Kozak said in a brief statement.
The institution, chaired by Kristalina Georgieva, did not specify what political action it refers to after the Argentine Central Bank decided to devalue the peso by 22% on Monday at the official wholesale rate.
He recalled that on July 28, the Argentine authorities and the technical staff of the IMF reached a technical agreement on the fifth and sixth revision of the goals and objectives of the debt refinancing agreement signed in 2018 by this country with the body.
“The agreement is subject to approval by the IMF’s Executive Board, which is expected to meet on August 23 to approve agreed disbursements,” the text reads. With this new review, Argentina will receive a payment of $7,500 million.
Source: Aristegui Noticias
Roy Brown is a renowned economist and author at The Nation View. He has a deep understanding of the global economy and its intricacies. He writes about a wide range of economic topics, including monetary policy, fiscal policy, international trade, and labor markets.
