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Central Bank has $7.2 billion in reserves to prevent steep rise in dollar

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The Central Bank (BCCR) made it clear on Thursday that it has enough dollar reserves to keep the price of foreign exchange in check. BCCR announced that on Wednesday it had injected $5 million into the currency market and that total reserves exceed $7.2 billion. Asked about the impact of this intervention, economist Norberto Zúñiga explained that the Central Bank will continue selling foreign currency to prevent it from appreciating in price, relative to the local currency or colon. Experts are more concerned with increased interest rates and its effect on the larger fiscal deficit.

Source La Nacion

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