Argentine President Plans Preventing Peso Fall After Losing Primaries - Reports

Argentine President Plans Preventing Peso Fall After Losing Primaries - Reports

BUENOS AIRES (UrduPoint News / Sputnik - 12th August, 2019) Argentine President Mauricio Macri convened a government meeting after losing Sunday primaries and ordered the ministers to analyze the necessary changes in governance and develop a strategy to prevent a sharp fall in the rate of the national Currency, the peso, the TN broadcaster reported on Monday, citing sources.

The presidential press service earlier announced the meeting at 15.30 (18.30 GMT) on Monday, but did not specify its topic.

With 98.

67 percent of the ballots in the primaries processed, the opposition alliance Front for All led by Alberto Fernandez is at 47.65 percent of the vote, while the incumbent president's coalition Together for Change is second with 32.08 percent.

A number of banks, including Banco Galicia, BBVA, Banco Ciudad and others, already lowered peso's exchange rate by 10 percent from Sunday to above 50 Argentine pesos per $1.

According to the broadcaster, a reshuffle in the government is not expected.

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