Argentina's Largest State Bank Lowers National Currency Exchange Rate By 5%

Argentina's largest state-run bank Banco Nacion on Wednesday lowered the exchange rate of the national currency by 5 percent to 61 peso per US dollar, marking the third consecutive day of the peso collapse after opposition won presidential primarie

BUENOS AIRES (UrduPoint News / Sputnik - 14th August, 2019) Argentina's largest state-run bank Banco Nacion on Wednesday lowered the exchange rate of the national currency by 5 percent to 61 peso per US dollar, marking the third consecutive day of the peso collapse after opposition won presidential primaries.

Other banks Banco Provincia, Banco Galicia, Banco Hipotecario, ICBC followed suit, setting the exchange rate at the same level, while in some regional banks the rate is 62-63 pesos per US dollar.

At the same time, on Tuesday, Argentina's main Merval stock index has grown by 10.22 percent following a major fall on Monday.

The peso plummeted after the results of the primaries were announced on Monday. The opposition alliance Front of All led by Alberto Fernandez gained over 47 percent of the vote, while the Together for Change coalition of the incumbent president, Mauricio Macri, gained only 32 percent.