Redrado Sees Increasing Reserves

Argentine Central Bank President Martin Redrado said the country’s international reserves will climb 9 percent to $24 billion by yearend as an export-led economic expansion boosts the flow of dollars into the country. Reserves this year have climbed to their highest level since the government defaulted on $95 billion in debt in late 2001. Argentina’s central bank, which buys US dollars from exporters and sells pesos, more than tripled daily purchases this month to an average of $76 million a day, from $23 million in April.