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Argentina’s New Obsession Is Watching Foreign Reserves Evaporate

  • Hard-currency holdings are drying up, worrying investors
  • Some analysts say net liquid reserves may already be negative

At Argentine brokerages and banks, the calls come in every day with the same question: How many dollars does the central bank actually have?

Keeping a close eye on international reserves has become a ritual for Argentine investors as they try to figure out what comes next for the peso and $65 billion of recently restructured overseas debt.