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Argentine peso falls again amid reports of central bank officials' exit


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Argentine peso falls again amid reports of central bank officials' exit

The Argentine peso fell June 14 following a local media report that some officials at Banco Central de la República Argentina would leave, according to Bloomberg News.

Argentine columnist Marcelo Bonelli reported that three central bank directors would be stepping down soon. The peso was down 6.28%, trading at 27.98 pesos per U.S. dollar as of 2 p.m. ET.

The peso also weakened amid concerns over the central bank's ability to halt the decline of the currency, according to the Financial Times. Local observers fear that the deal reached by the government with the International Monetary Fund on a $50 billion rescue package may not soothe jittery markets.

President Mauricio Macri's government has submitted a plan to the IMF aimed at reviving the country's debt-laden economy, including measures to ensure central bank independence.

IMF Managing Director Christine Lagarde said the economic plan "discontinues the practice of providing central bank financing of the fiscal deficit, a critical step in the establishment of an independent central bank."

Earlier this week, the central bank kept its benchmark rate unchanged at 40% and said that it had sold some $695 million on the spot market.