2023-08-14 17:57:00
The International Monetary Fund (IMF) supported the measures adopted by the Argentine economic team, which include a 21% devaluation of the peso.
“We value recent policy actions of the authorities and the commitment to safeguard stability, rebuild reserves and strengthen fiscal order”, said Julie Kozack, Director of Communications for the International Monetary Fund (IMF).
“The 28th of July, Argentine authorities and IMF technical staff reached an agreement at the staff level on the fifth and sixth reviews under the agreement”, “The agreement is subject to the approval of the Executive Board of the IMF, which is expected to meet on August 23 to approve the agreed disbursements ”, added the IMF official.
The origin of the debt with the IMF
Next Monday the IMF Board of Directors should meet to approve the Staff Level Agreement and unlock the disbursement of 7,500 million dollars
Devaluation and rate hike
The Central Bank decided today to raise the official exchange rate to $365.50, which implies a 20% devaluation with respect to the price of the last closing.
in turn rose the interest rate by 21 basis points to 118% to contain deposits in bank accounts and avoid additional pressure on the informal exchange rate. This means an annual rate of $209% and a monthly rate of 9.8%, which would be what savers should obtain for holding holdings.
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