August 12, 2019 / 4:22 PM / 6 months ago

Argentine central bank uses $50 mln in reserves to defend the peso

BUENOS AIRES, Aug 12 (Reuters) - Argentina’s central bank used $50 million in its own reserves, for the first time since September last year, to intervene in the foreign exchange market and defend the peso in the face of a massive sell-off, traders said.

Dollar auctions by the bank over recent months had been carried out using funds from the treasury.

President Mauricio Macri’s poor performance in Sunday’s primary election sparked a 30% crash of the local currency on Monday, triggering concern on Wall Street that the central bank may strain its reserves with large-scale dollar sales. (Reporting by Hugh Bronstein Editing by Tom Brown)

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