Argentina Reserves Hit $28 Billion

Argentina’s international reserves hit $28 billion, the level targeted by the central bank in order to cover the government’s planned early debt repayment to the IMF on 3 January. This is the highest level since July 2000 and well above the low point of $8.8 billion seen in August 2002. The central bank has built up reserves of around $8 billion this year via interventions in the foreign exchange market; yesterday it bought $70 million to take the level to just over $28 billion.