Home / World Business
Tue, Jan 08, 2002 - Page 21 News List

Argentina to devalue peso 29 percent

REBUILDING In a bid to make the nation's exports more appealing, Buenos Aires reduced the nation's currency value by 29 percent and promised to float the peso

BLOOMBERG , BUENOS AIRES

Remes said the government expects the domestic floating rate will be in line with the government's 1.4 peso official rate because restrictions on bank deposits have limited the amount of dollars in circulation, thereby restricting the market.

"Eventually these rates will converge, but to avoid the uncertainty, we had to set a fixed rate," Remes said. "The idea is to float as soon as possible."

This story has been viewed 2216 times.
TOP top