BUENOS AIRES, Oct 23 (Reuters) - Argentina's economy
minister Martin Guzman on Friday vowed to maintain a slow rate
of currency devaluation despite rising pressure on the peso and
tumbling foreign reserves.
Argentina had a "serious problem" with its fiscal deficit
because of the coronavirus pandemic, but the real economy is
showing "signs of recuperation" and the devaluation did not
reflect the true condition of the country`s macroeconomy, Guzman
said in an interview with Radio con Vos.
He acknowledged that currency devaluation expectations hurt
the economy, but said exchange stabilization could not be
achieved "from one day to the other."
Argentinas central bank said earlier this month that it
would allow a managed float of the peso currency and abandon its
current uniform daily devaluation strategy as it seeks to
adapt its monetary policy amid sharpening economic turmoil.
The gap between the official exchange rate and the rate
quoted in the countrys informal currency markets reached 143%
on Thursday due to the distrust of investors and strong black
market demand for dollars.
(Reporting by Aislinn Laing
Editing by Chizu Nomiyama)