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Argentina to announce new economic measures after peso freefall

Updated : August 31, 2018 07:00 AM IST

After the market close, Treasury Minister Nicolas Dujovne pledged to announce a set of new economic measures on Monday, and will target a fiscal deficit for 2019 that is lower than the current target of 1.3 percent of gross domestic product in order to reduce the government's need to go to debt markets.
Onerous borrowing costs combined with government spending cuts and a drought that crippled Argentina's agricultural sector this year have slammed Latin America's third-largest economy. It is expected to enter recession in the third quarter.
In an effort to stem a slide in the peso, the world's worst-performing currency this year, and to curb inflation running at 31 percent, the central bank's monetary policy committee at an emergency meeting on Thursday voted unanimously to raise its benchmark rate to 60 percent from 45 percent.
Argentina to announce new economic measures after peso freefall
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