Print Edition - 2018-06-20  |  Money Digest

Argentina stock market plunges 8.33 percent


Jun 20, 2018-

The Buenos Aires stock exchange plummeted more than 8.0 percent on Monday, pulled down by sharp declines in energy and bank shares amid market volatility as Argentina seeks support from the IMF. The Merval Index dropped 8.33 percent to 27,636 points, after President Mauricio Macri fired Energy Minister Juan Jose Aranguren and Production Minister Francisco Cabrera in a surprise move over the weekend. Argentina is expecting to receive Wednesday the first $15 billion tranche of the $50 billion standby loan announced by the International Monetary Fund in return for a commitment to reforms of an economy weakened by a chronic budget deficit and more than 20 percent annual inflation. The Argentine peso, however, continued its slow recovery, gaining 0.66 percent Monday on Friday’s close. (AFP)

Published: 20-06-2018 08:23

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