* Argentina’s economy minister, Sergio Massa, has tweeted that the government will use “all the tools of the state” to stabilise the peso, which in recent days has slid dramatically against the dollar on the parallel ‘blue’ and CCL exchange rates. The peso has crumbled on these exchange rate mechanisms amid a public clamour for US dollars that has been sparked by triple digit inflation, dwindling stocks of hard currency, and fears of a possible currency devaluation. Massa said that the pressures on the peso will be raised in discussions with the International Monetary Fund (IMF) aimed at renegotiating Argentina’s US$44bn extended fund facility (EFF) arrangement, in order to boost the country’s low foreign currency reserves.
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LatinNews Daily - 26 April 2023
In brief: Argentina’s Massa pledges action to prop up the peso
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