Argentina’s Currency Crisis Over, Macri says
President Mauricio Macri says Argentina’s currency crisis is over, speaking as the country’s currency rebounded some and prices for its stocks and bonds rose.
Macri announced last week that Argentina was seeking a financing deal with the International Monetary Fund following a sharp drop in the peso.
Argentina was forced to impose recent interest rate hikes and to tighten the fiscal deficit target to try to halt the devaluation of its currency. The peso fell to a new all-time low of 25.30 to the U.S. dollar Monday.
But the peso rose at 24.8 per dollar Wednesday and Argentine stocks and bonds rose.
Macri said his government considers it has “overcome” the “turbulence” over the currency. He also said that he will demand “an intelligent” deal with the IMF.