Brexit Becomes a Gift to Argentine Central Bank as Peso Plunges
- Currency was seen as potentially overvalued after surging 13%
- Weak peso may boost commodity exports, a key revenue source
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Argentine central bank President Federico Sturzenegger may have found the solution to a surging peso: Brexit.
The peso dropped 2.6 percent to 15.3 per dollar on Monday and is down 5.6 percent over the past two trading days after the U.K. voted to leave the European Union on Thursday. The loss since the vote is the second-biggest among the world’s major currencies, trailing only the British pound.