Argentina launches a billion dollar re -purchase agreement to enhance reserves

By Khorkhi Outlala

Buenos Aires (Reuters) -Argentina Bank has launched a wide range of economic measures on Monday to enhance reserves, including the Re -purchasing agreement, or to purchase, which amounts to two billion dollars.

The move comes before an expected review with the country’s international monetary fund, which recently signed $ 20 billion.

Argentina agreed with the International Monetary Fund to strengthen the net foreign exchange reserves by $ 4.4 billion through the first review of the program, and said it will not buy domestic dollars to do so.

By December, these reserves were red.

The Central Bank said that the central bank will hold an auction to link the dollar with international banks on June 11.

The measures are included in the president’s economic plan, “Stage 3” of the President, which includes mitigating monetary controls, floating the bizo, and cleaning the public budget of the Central Bank.

The central bank also said that the market will now set the interest rate, rather than reforming the monetary policy rate.

The central bank said: “This reorganization strengthens a more traditional framework for control groups in monetary groups, which eliminates the idea of ​​a model” monetary policy interest “for plans such as targeting inflation,” the central bank said. “Instead, the interest rate will be determined internally by the market, in line with a system that focuses on cash groups.”

The monetary authority immediately did not provide more details about the standard price, which was identified by 29 %.

The measures add to a billion -dollar -released bond, which enhances reserves.

In April, Argentina canceled the tie crawl and bare bodies floating in a range ranging between 1000 and 1400 peso per dollar, with a decline in capital controls that restrict access to dollars.

(Participated in the reports of Jorge Outawa; additional reports by Rodrigo Campus