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UPDATE 1-Argentine central bank says aims to bring reserves to 15 pct of GDP
April 18, 2017 / 8:43 PM / 5 months ago

UPDATE 1-Argentine central bank says aims to bring reserves to 15 pct of GDP

(Adds Sturzenegger quote, ratings context)

BUENOS AIRES, April 18 (Reuters) - Argentina aims to bring its international reserves to 15 percent of gross domestic product as it seeks to improve its credit rating, central bank chief Federico Sturzenegger said in a presentation on Tuesday.

Reserves are currently at about $50 billion, or 10 percent of gross domestic product.

“We have set an ambitious goal of having a level of reserves in line with those of investment grade countries,” Sturzenegger said.

Last month Moody’s changed the outlook on the government of Argentina’s B3 rating to positive from stable. The rating is six levels beneath investment grade.

In changing the outlook, the ratings agency cited expectations that the government might begin reducing its high fiscal deficit in 2018, thanks to a forecasted improvement in economic growth.

Reporting by Walter Bianchi; Editing by Chris Reese and Andrew Hay

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