Argentina abandons monetary financing to secure IMF support
Inflation targets raised as $50 billion IMF deal requires greater central bank independence
The Central Bank of Argentina (CBRA) abandoned its financing of the government as one of the conditions to secure the support of the International Monetary Fund, governor Federico Sturzenegger said in a press conference on June 7.
The CBRA’s inflation targets for the next four years will actually be raised as part of the deal. The staff-level IMF standby arrangement also demands that Argentina’s government reduce inflation, grant greater independence to the central bank and reduce its budget
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