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Argentina Names New Central Bank Chief as Peso Plummets

  • Luis Caputo to lead monetary authority after Sturzenegger exit
  • Policy makers seeking to regain credibility to protect peso
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Bloomberg’s Justin Carrigan reports on Argentina’s new central bank chief.(Source: Bloomberg)
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Argentina’s central bank got a new chief after the monetary authority failed to stop the peso’s plunge despite obtaining the biggest loan in the history of the International Monetary Fund.

Luis Caputo, previously the finance minister, will take over the post following Federico Sturzenegger’s surprise resignation. Investors need him to lay out a strategy to curb volatility in the currency, which has lost more than a quarter of its value since the end of April, including a selloff of more than 6 percent Thursday that left it at a record low.