Argentine peso loses 30 percent of value after controls lifted
BUENOS AIRES, Argentina — The Argentine peso lost 30 percent of its value on Thursday after the new pro-business government scrapped the foreign exchange restrictions introduced by its leftist predecessors.
At the close of trading on the first day without the currency limits, dollars were changing hands for 14 pesos, more than 42 percent higher than the closing rate on Wednesday.
New pro-business President Mauricio Macri, who took office promising deep reforms for Latin America’s third largest economy, had announced the move Wednesday.
Economists warned the country faces a rough adjustment.
You may be interested
5 questions for a Venezuelan artist in Costa RicaElizabeth Lang - July 15, 2018
Art as a passion and a tool for the communication of complex messages of hope, all influenced by the sociopolitical…
UPDATED: 150 rescued after landslides leave motorists trapped on Route 32Alexander Villegas - July 15, 2018
UPDATE: The National Emergency Commission announced that as of 9 a.m. on Sunday, all 150 people that were trapped on…
Honduras identifies 459 children separated from families in USAFP - July 15, 2018
A total of 459 Honduran children separated from their parents as a result of Washington's "zero tolerance" immigration policy have…