Argentina pledges US$ 500 million on Tuesday to stabilize the forex market

Source: MercoPress
08.14.2018

Argentina's peso hit an all-time low on Monday as Latin American currencies sank amid a broader sell-off in emerging markets that have been rattled by the Turkish lira's plunge.

 Turkey's lira pulled back from a record low of 7.24 to the dollar on Monday after the country's central bank pledged to provide liquidity. Concerns about Turkey snowballed into a market panic last week.

The biggest loser was Argentina's peso currency, which fell 2.4% to close at a record low 29.97 per dollar, pressured by a corruption scandal that could damage the country's construction sector.

“With the evolution of the Turkey situation, the start of the week for Argentine assets has been laid out, with corruption scandals involving businessmen and political officials adding on” to the lira's slide, consultancy SBS wrote in a note to clients.

However the Argentine central bank chairman Luis Caputo announced a battery of measures to begin operating on Tuesday to contain the run on the US dollar, including the sale of US$ 500 million.

Argentina's stock market indicator Merval was also whacked by uncertainty and it was down 3.46% on Monday. In Wall Street Argentine companies shares plummeted on average almost 9%.

Likewise Argentina's country credit risk was again climbing, and on Monday closed at 748 units, after advancing 6,9% or 48 points. Its maximum level since January 2015.

Last Friday the credit risk was up 10.4% reaching 700 points.

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