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Argentina Central Bank Asked Exporters to Help Bolster Reserves

  • Officials asked crop exporters to boost sales by $500 million
  • The request would help prop up reserves to meet IMF target
The Central Bank of Argentina in Buenos Aires, Argentina, on Friday, Feb. 25, 2022. 

The Central Bank of Argentina in Buenos Aires, Argentina, on Friday, Feb. 25, 2022. 

Photographer: Sarah Pabst/Bloomberg

Argentina’s central bank asked crop exporters to sell more dollars than they were planning this month so that the country’s reserve level will rise to meet an upcoming target for its $44 billion program with the International Monetary Fund. 

Authorities at the central bank asked companies that are part of the crushing and export chamber Ciara-Cec to sell more dollars in the exchange market than the original $2.5 billion they had planned to sell in June, according to two people with direct knowledge of the matter. The central bank asked them to sell an additional $500 million, said one of the people, who asked not to be named discussing private conversations.