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

Posted on September 4, 2014 • Filed under: Argentina, Business, Economy

Argentina milks more US dollars from commercial banks 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

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