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Tag: peso

Argentine peso and markets plunge after shock vote

Argentine peso and markets plunge after shock vote

Business
Argentine stock markets and its currency have both plunged after conservative Argentine President Mauricio Macri suffered a shock defeat in primary elections on Sunday.The peso fell 15% against the dollar on Monday after earlier plunging around 30% to a record low.Some of the country's most traded stocks have also lost around half of their value in one day.Mr Macri, in response, has pledged to "reverse" Sunday's election result.At a news conference on Monday, the president also said that the drop suggested the market lacked confidence in an opposition government.Argentine leader Macri trounced in primary vote"This [market meltdown] is just a small demonstration of what can happen," said Mr Macri."We have much to do still. Every election is a message and w...
Argentina imposes austerity measures in bid to stabilise peso

Argentina imposes austerity measures in bid to stabilise peso

Business
Argentina has announced austerity measures in a bid to tackle the "emergency" created by the country's currency crisis.In a televised address, President Mauricio Macri said Argentina could not keep spending more than it earned.Taxes on exports of some grains and other products will rise and "about half" of the nation's government ministries will be abolished.The government has not said which ministries will be closed or merged.Argentina is the biggest exporter of soy meal and soy oil and is also a big producer of corn, wheat and raw soybeans.From 1 January, those primary exports will be taxed four pesos for every dollar in value. Processed products will be taxed three pesos for every dollar in value. ...