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“Whenever you find yourself on the side of the majority, it is time to reform (or pause and reflect).”
― Mark Twain
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Argentina Playing High Stakes Poker
Argentina's central bank sold $678 million in a single day to curb a sharp decline in the peso in the largest intervention since 2019. Over three days, it has sold $1.1 billion to meet rising demand from institutional investors concerned about political instability. The peso is nearing the upper limit of the central bank’s floating exchange-rate band, trading at 1,475 per dollar officially, and hitting a record low of 1,520 in the informal market. Economy Minister Luis Caputo has pledged to use all available reserves if necessary, but analysts warn that rapid dollar sales could quickly drain the country’s limited $6 billion in net reserves. Upcoming October midterm elections are further fueling investor uncertainty.
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