LatinNews Daily - 18 August 2023

In brief: Argentina’s gov’t rules out further peso devaluation

* Argentina’s presidential spokesperson Gabriela Cerruti has ruled out there being another devaluation of the peso before the 22 October presidential elections. Speaking in a press conference, Cerruti explained that the government led by President Alberto Fernández had fixed the exchange rate of the peso to the US dollar for 90 days, saying that it was not the case that “a modification was made at this moment and there may be another one at another moment”. Cerruti was speaking following the decision of Argentina’s central bank (BCRA) to devalue the peso by 21.6% to Ar$350 per US dollar on 14 August in a bid to calm markets in the wake of the surprise victory of far-right political outsider Javier Milei in the 13 August presidential primaries.

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