Argentina says banks must maintain USD position through end November

Argentina's Central Bank announced Thursday that the country's financial entities must maintain their foreign currency positions until the end of November, according to an emailed statement.

The entities must maintain the position in foreign currency in dollars equivalent to their daily average of October or to the value of Thursday, whichever is lower, according to the statement.

The move was taken to avoid speculation about possible jumps in the exchange rate, a Central Bank official said in a text message. Currently, banks' positions are below the regulatory limit, he added.