June 28, 2018 / 2:20 PM / 2 months ago

Argentina central bank boosts amount of daily auction of IMF funds

BUENOS AIRES, June 28 (Reuters) - Argentina’s central bank will auction $150 million on Thursday and Friday, the bank said in a statement, up from the $100 million in treasury funds offered in daily auctions that began last week.

After the International Monetary Fund disbursed the first $15 billion of a $50 billion stand-by financing deal with Argentina last week, the central bank outlined a plan to convert$7.5 billion of that into pesos through 75 daily auctions in order to finance the budget.

It had said that each of those auctions would be for $100 million, but that the figure could be modified due to “greater seasonal needs for pesos.” (Reporting by Luc Cohen Editing by Chizu Nomiyama)

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