RIO DE JANEIRO, BRAZIL - Argentina’s net currency reserves are at or near zero, according to analysts and investors, forcing the central bank into a tough choice: double down on controls that have failed to stem the currency’s decline or allow the peso to devalue further.
Downward pressure on the peso has been steady all year and intensified of late as the government continues to print its way out of a budget deficit, while inflation rising to near 40% and a lack of confidence in economic and monetary policies further weigh on the currency.
“If the population does not . . .