Argentina foreign reserves hit $40 bln for first time since April 2013

Source: Reuters
10.20.2016

Argentina's foreign currency reserves rose above $40 billion for the first time in 3-1/2 years on Thursday, a milestone the country's central bank chief said was a sign of growing investor confidence in the country.

Foreign reserves rose to $40.6 billion, Argentina's central bank said, their first time above the $40 billion mark since April 2013. That marked a 63 percent rise from $24.9 billion on Dec. 10, 2015, the date of President Mauricio Macri's inauguration, according to central bank data.

"I have insisted that the level of reserves is not very relevant. But the fact that they've risen above $40 billion says something about growing confidence in the country," Federico Sturzenegger, the president of the central bank, said on Twitter.
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