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LatinNews Regional Monitor: Brazil & Southern Cone - 12 September 2018

In brief: Argentina

Argentina: Argentina’s central bank (BCRA) intervened in the local currency market yesterday and sold US$55m worth of US dollars in a bid to uphold the value of the peso. The intervention came after the value of the Argentine peso fell by 1.4% at the start of the trading on 11 September amid a generalised move away from emerging market currencies towards an ever-strengthening US dollar. BCRA’s move helped to bring the exchange rate down from Ar$38/US$1 to Ar$37.94/US$1. Meanwhile in the notes from the meeting of BCRA’s monetary policy committee (Copom) held yesterday, the bank said that it has decided to maintain the benchmark interest rate a record high of 60% to help maintain macroeconomic stability. The Copom minutes, however, acknowledge that as result of the depreciation of the peso the bank now expects inflation to accelerate in August and September.

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