Argentine Finance Minister Luis Caputo said Argentine authorities went for a serious devaluation, a halve of the exchange rate of the peso, against the US dollar to tackle the crisis in the country.
Argentina's fragile economic situation has been aggravated by a historic drought since last year, which has hammered soybeans, corn and wheat exports, draining foreign reserves and hindering the government's ability to fight currency weakness.
BUENOS AIRES, Feb 5 Argentina yesterday paid US$370 million (RM183.8 billion) to the IMF as interest on a US$44 billion debt that was rescheduled late last month, officials said. The Central Bank’s bulletin showed international reserves of US$37.18 billion at the end of the day, a difference.