16-July-2024
Economy News
 
Argentina to Sell Dollars on Parallel Market as Part of Anti-Inflation Drive
15-Jul-2024

Argentina's central bank will start selling U.S. dollars in the country's parallel foreign exchange markets in an effort to combat inflation and freeze the country's money supply, the government said on Saturday. Economy Minister Luis Caputo announced the new strategy on messaging platform X on Saturday, saying it would "contribute to deepening the disinflation process." Starting Monday, when Argentina's central bank issues pesos to buy U.S. dollars on the formal exchange market, the bank will effectively balance Argentina's monetary base by selling an equivalent amount of dollars on the parallel "CCL" exchange market, Caputo said.

News Source:- https://money.usnews.com/investing/news/articles/2024-07-13/argentina-halts-monetary-base-expansion-to-lower-inflation-says-minister