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Analysts Sceptical Over Proposed FX Measures

ARGENTINA
  • Argentina limited access to the official foreign exchange market for companies trading shares of US-based companies on the local market, according to an emailed central bank statement following a meeting of the board of directors. (Bloomberg)
    • The central bank said companies may hold up to $100,000 in the securities, known locally as Cedears.
    • Companies may not trade the instruments for 90 days before or after accessing the official foreign exchange market.
  • Analysts have noted that the government’s resistance to a broad currency realignment is driven by the massive effect a depreciation of the peso would have on public debt dynamics -- of which nearly 70% is denominated or linked to foreign currencies.
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  • Argentina limited access to the official foreign exchange market for companies trading shares of US-based companies on the local market, according to an emailed central bank statement following a meeting of the board of directors. (Bloomberg)
    • The central bank said companies may hold up to $100,000 in the securities, known locally as Cedears.
    • Companies may not trade the instruments for 90 days before or after accessing the official foreign exchange market.
  • Analysts have noted that the government’s resistance to a broad currency realignment is driven by the massive effect a depreciation of the peso would have on public debt dynamics -- of which nearly 70% is denominated or linked to foreign currencies.