Argentina’s Central Bank refinanced US$26.84 billion worth of short-term Lebac notes on Tuesday and auctioned new debt to the tune of US$200 million.
The bank’s strategy has calmed nerves about Argentina's short-term economic scenario after weeks of market volatility.
The peso suffered a 7.5-percent single-day plummet on Tuesday but rebounded to end the day at 24.67 against the dollar, as the Bank sold an additional US$ 791 million in reserves. It was the first time in 16 days that the peso has strengthened against the greenback.
The entity led by Federico Sturzenegger confirmed in a statement that it had refinanced all expiring peso-denominated securities with interest rates ranging from 40 percent for the 36-day Lebac to 38 percent for the 154-day note.