Posted on 04/23/2023 5:48:31 PM PDT by george76
Argentina's central bank approved a payment delay through the end of the year for imports of services and freight transport worth $2 billion in an effort to manage a severe shortage of foreign currency in bank coffers needed for such transactions.
South America's second-largest economy after Brazil is struggling with a prolonged financial crisis marked by triple-digit inflation
...
The center-left government of President Alberto Fernandez has over several months launched measures meant to boost the inflow of foreign currency as well as to buck up a steadily weakening local peso currency, but so far the efforts have mostly met with disappointment.
The latest move by the central bank, which is closely aligned with Fernandez's government, aims to staunch the bleeding and put a cap on the flight of foreign capital.
The bank said in a statement that it "approved measures... that together represent a postponement of payments in foreign currency for $2 billion until the end of the year."
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The tightly-controlled official exchange rate stands at 218 pesos per greenback, about half the value of the black market rate.
(Excerpt) Read more at dailymail.co.uk ...
How many times has Argentina gone t*ts up , now?
This is America without reserve currency status
I think this is #3.
Why can’t Argentina ever get its house in order? They’ve had a currency crisis for over 20 years now.
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