Argentina Central Bank reduces amount of U.S. dollars banks can hold

Argentina milks more US dollars from commercial banks

mercopress.com reported Argentina’s central bank said on Wednesday it had reduced the amount of dollars commercial banks could hold, a move that should push more greenbacks into the spot market and may give a mild boost to flagging reserves and the local Peso. The new central bank rule states that from September the net foreign currency position of local banks cannot exceed than 20% of the bank’s worth, down from the previous ceiling of 30%. Read Article