New Economy Minister Assures Efforts for Argentine Peso, Stability

Silvina Batakis has pledged economic stability as the Argentine peso has been rattled by concerns over a populist policy shift in Argentina, which also dragged down bonds.

The new Minister of Economy of Argentina is the successor of moderate Economy Minister Martin Guzman, who stepped down earlier this month.

We want to help our followers stay updated with the latest information regarding the Argentine peso. We believe this forex news will aid them, especially if they hold units of the South American country’s official currency.

According to the report posted online by international news outlet Al Jazeera English, Batakis conversed with the International Monetary Fund last Friday, July 8.

This economist who replaced Guzman is viewed as closer to the left wing of the ruling coalition than her predecessor.

Batakis has assumed the post being Argentina’s Minister of Economy at a time when the country is grappling with huge pressure on the Argentine peso.

Argentina is also struggling with spiking gas import costs and inflation running at over 60 percent. At the time of writing this forex report, US$1 is equivalent to 126.32 Argentine pesos, per the foreign exchange conversion data on Xe.com.

Argentina’s financial and economic collapse has affected people’s lives, including the workers. Hence, thousands of demonstrators marched to the presidential palace’s gates in the Argentine capital, Buenos Aires, last Saturday, July 9.

They lambasted the government over crushing national debt and soaring inflation. Furthermore, the protesters clutched banners saying “Out, Fund, out” and “breakaway from the IMF (International Monetary Fund).”

The protesters criticized Argentine President Alberto Fernandez’s administration and called for not making debt payments.

Guzman suddenly resigned last Saturday, July 2. He stepped down after one week of economic turmoil when the Argentine peso reached an all-time low against the US dollar.

This economic event transpired amid truck drivers staging protests over diesel fuel shortages and sizzling inflation. The Argentine peso has slid against the US dollar.

The South American government made it more challenging to acquire US dollars to pay for imports last Tuesday, June 28, as the local currency reached new lows in the parallel market that firms and people utilize to bypass official channels.

Meanwhile, Fernandez has called for unity. He delivered an address to mark the anniversary of his country’s independence declaration.

Fernandez requested various factions to work towards harmony. Argentina’s president cited that the South American nation requires economic responsibility with soaring international inflation and low foreign currency reserves seriously destroying its economy.

The Argentine head of government remarked that they must tread the path to the Argentine peso’s stability and fiscal balance.

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