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ECONOMY | 27-09-2018 13:13

Argentine peso down 2% at opening after IMF loan

Argentina's currency trading at more than 40 to the dollar.

The peso dipped 2.3 percent shortly after markets opened Thursday, the day after the government agreed to take an increased US$57.1 billion crisis loan from the International Monetary Fund.

The nation's currency was trading at more than 40 to the dollar.

The revamped agreement will allow Argentina "to leave behind the turbulent path of recent months," Finance Minister Nicolás Dujovne said after the deal was announced Wednesday.

Argentina originally secured a US$50-billion loan back in June, but quickly burned through an initial US$15 billion tranche to fight a run on the currency, in the process raising interest rates to 60 percent.

However, President Mauricio Macri revealed last month that he had asked for an accelerated disbursement of the remaining US$35 billion, prompting talks on a larger IMF loan.

- AFP

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