Central bank still intervening to support the peso.
In the foreign exchange market, the peso <ARSB=> strengthened thanks to Central Bank sales of dollars. The official interbank rate <ARS=RASL> appreciated 0.8 percent to 3.0325/3.0350 per dollar. In informal trade between foreign exchange houses, as measured by Reuters, the peso strengthened 0.24 percent to 3.1175/3.1200 per dollar <ARSB=>.
Central Bank President Martin Redrado on Wednesday defended the use of foreign reserves to manage the exchange rate.
"We've marked a clear trend, moderating expectations in the exchange market and we've assured systematic stability," he said at a conference organized by LatinFinance magazine in Buenos Aires. (Reporting by Jorge Otaola and Walter Bianchi, writing by Fiona Ortiz; editing by Gary Crosse)
Reading advice for Andres. Another perspective.
Andres,
This week's edition of 'The Economist' has an article on p.48 entitled "HOCUS POCUS Argentina's way with sums" with a sub heading,'The real-world consequences of producing unreal inflation numbers'. The article ought to be required reading for all forum members who have posted on this thread following along the general philosophies of Andres. They do not put any credibility to the national statistics or to the Peronist policies of the Kirchners. And for a general comparison, in something I read yesterday, probably Bloomberg, the per capita income of Argentina is U$6400 and in the USA, U$47,000. Even the mathmatically challenged Andres can work out that the USA system, (ie Europe, North America, Japan, Australia etc) delivers to their citizens a 700% greater per capita income and that is certainly reflected in their living standards.
The article specifically links the Kirchner's policies to stagnant wages and the increase in poverty and income inequality, all the direct opposite of what those policies purport to want to achieve.
So Andres, invest ARG$10, and see beyond your hip-pocket horizon.
Argento