Argentina to Cut Currency Trading Volume by 70%, Cronista Says

Argentina’s central bank ordered foreign exchange brokers in the Electronic Currency Market to trade no more than $3 million per day, a 70 percent reduction from current volumes, newspaper Cronista Comercial reported, citing agents present in the meeting.

Policy makers are seeking to drive trading into the Open Electronic Market, which can be monitored by central bank officials in real time, the Buenos Aires-based paper said.

The goal is to have greater control over the supply and demand of dollars after the bank’s international reserves dropped about $700 million this year, Cronista said.

To contact the reporter on this story: Camila Russo in Buenos Aires at crusso15@bloomberg.net.

To contact the editor responsible for this story: David Papadopoulos at papadopoulos@bloomberg.net.

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