Central Bank sells dollars for first time since October 27 election

The Central Bank last week was a net seller of dollars for the first time since the October 27 presidential elections, as strict foreign exchange controls failed to prevent a further weakening of the peso.

The institution sold US$120 million net during the five working days of last week, an operator said on condition of anonymity, after the peso closed below 60 per dollar last Tuesday for the second time in history.

Despite the intervention, the peso fell 0.32 percent to around 60 per greenback.

The bank's intervention indicates that officials will engage to try and avoid a dramatic slump in the peso, in addition to the so-called 'cepo' or currency controls put in place during the final months of the Mauricio Macri government.

On Monday, the government formalised the appointment of five officials at the institution. Through a decree published in the Official Gazette, the government confirmed economist Sergio Woyecheszen as the Central Bank's vice-president, serving until September 23, 2022.

Four directs were also appointed to the board for terms running until 2025.

Those appointments will still have to pass through commission in the Senate.

– TIMES/BLOOMBERG/NA