Argentina intervenes to shore up peso

Multiple interventions by Argentina's Central Bank (BCRA) to shore up the weak national currency have succeeded in propping up the peso, exchange rates showed on Monday.

The U.S. dollar traded at 37.90 pesos at the end of the day, according to rates posted by the state-owned Banco Nacion. The wholesale rate applied to banks and other entities transacting large sums was 37.30 pesos to the dollar.

Earlier in the day, the BCRA sold some 250 million dollars in reserves to help bolster its own currency, which has lost half its value since January, when it traded at 18 to the dollar.

Last week, the government issued more debt in the form of treasury bills as the bank sold off reserves, measures that together allowed the peso to recover a little more than 6 percent in value.

Argentina has called on the International Monetary Fund (IMF) to speed up the disbursements of a 50 billion U.S. dollar loan granted the country earlier this year.

President Mauricio Macri's administration wants payments scheduled for 2020 and 2021 to be moved up to 2019.

According to Economy Minister Nicolas Dujovne, if the IMF agrees, it would signal investors that the agency has confidence in Argentina's economy and its ability to repay the loan, helping to strengthen the peso and stabilize the exchange rate.