US EditionArgentina central bank raises banks' reserve requirements after corruption allegations
- On Tuesday, Argentina's central bank increased the mandatory reserves that banks must hold by 3.5%, aiming to stabilize the market amid economic instability and ongoing corruption scandals.
- The move follows rising country risk by 829 basis points and increasing political uncertainty ahead of October's legislative elections on the 26th.
- Corruption reports implicate former officials like Diego Spagnuolo, with audio recordings published, while stock markets declined and the peso fluctuated.
- Investment agency Cohen noted that the political environment is growing more complex and the level of uncertainty is rising as the elections approach.
- The raised reserve requirements aim to calm markets but risk slowing recovery, while banks will meet them via a peso securities tender worth 7.7 trillion pesos .
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Argentina Raises Reserve Requirements Amid Political Turmoil
Amid growing political tension and corruption allegations, Argentina’s central bank has increased bank reserve requirements by 3.5%, affecting economic growth. This move aims to stabilize financial markets as legislative elections approach. Analysts warn this may hinder economic recovery, while investors face mounting uncertainty.
·India
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Argentina central bank raises banks' reserve requirements after corruption allegations
Argentina's central bank on Tuesday raised its reserve requirements for banks to a level analysts said could risk slowing the economy, a move analysts say aims to soothe markets as the government of President Javier Milei is rocked by corruption allegations ahead of key legislative elections.
·United Kingdom
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Total News Sources7
Leaning Left1Leaning Right0Center6Last UpdatedBias Distribution86% Center
Bias Distribution
- 86% of the sources are Center
86% Center
14%
C 86%
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