Argentina’s $15 Billion Reserves Collapse Over, Fabrega Says
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Argentine foreign currency reserves will end the year little changed at about $28 billion as a record harvest and a devaluation of the peso halts an outflow of funds, central bank President Juan Carlos Fabrega said.
The reserves will stabilize after dropping almost $15 billion in the past 17 months to $28.5 billion, aided by about $30 billion of grain exports this year, Fabrega said during an event in Buenos Aires yesterday. Argentina devalued the peso by 21 percent on Jan. 23 to boost exports, he said.