Argentina’s central bank lowers cap on commercial bank dollar holdings
From September financial entities must restrict foreign currency positions
The Central Bank of Argentina has reduced the amount of dollars commercial banks can hold, in an attempt to defend the local currency.
According to a statement issued yesterday, all financial entities must keep their net foreign currency positions at or below 20% of their worth, down from the previous ceiling of 30%.
This measure will be in place in September, and a central bank official said it will be introduced as result of the "market conditions" in the country.
In February, when the central
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