Argentina To Buy Euros

Argentina’s central bank is set to buy euros to help build up its foreign currency reserves after using around $10 billion of the funds for its early debt repayment to the IMF on 3 January. The reserves had fallen from $28 billion to $18.5 billion following the payment. The move towards buying euros away from the long-favored dollar is part of a diversification strategy that has seen the bank buy sterling, yen and gold as well as US dollars.