Argentina Intervenes to Stabilize Currency Ahead of Election
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Argentina's government intervened in the FX market to reduce volatility before October 22 election. Officials said no sharp currency devaluation after the vote.
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Black market trading almost absent amid government crackdown. Bid prices of 900-1010 pesos per dollar but no transactions.
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Argentina has tight capital controls since 2019, pushing people to illegal markets for dollars. This has worried the government.
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Government moved to counter claims of rapid devaluation after election. Official dollar to remain 350 pesos on October 23.
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Traders said government trying to prop up currency ahead of vote. Providing liquidity to contain exchange market.