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Argentine government turns to Banco de la Nación to meet debt maturities

The Argentine government took out a six-month, 30 billion-peso loan from Banco de la Nación Argentina in order to pay debt maturing in 2019, according to a resolution published in the official gazette.

The board of the state-run bank approved the loan Oct 17. The interest rate will be based on the variable "Badlar" rate, which rewards fixed-deposits over 1 million pesos, plus 100 basis points.

The government additionally placed notes worth 2 billion pesos and US$175 million, which were directly subscribed by social security office Anses, according to a separate resolution.

Argentina's funding capabilities have been severely restricted after recent market turmoil and political uncertainty led the International Monetary Fund to postpone a $5.4 billion U.S. dollar disbursement previously scheduled for September.

As of Oct. 22, US$1 was equivalent to 58.67 Argentine pesos.