it's neither
Hipolito convened a meeting yesterday with representatives from banking, foreign exchange houses, the military, and even AMET (Candelier of course). The two primary outcomes were:
1. The exchange rate will gradually decrease (about 1 point per day) to 30 pesos to the dollar by this time next week.
2. There will be strict enforcement of laws prohibiting unauthorized currency transactions and speculation.
We will now see which is the stronger, the will of a group of "leaders" with conflicted interests, or market forces.
The IMF accord is always a factor as well as the seasonal increase in dollar supplies. Neither of those are permanent of course.
Many of the statements emanating from the meeting addressed currency market speculation. Such speculation has clearly been occuring, but so has speculation in retail markets such as supermarkets and department stores. Why hasn't Hipolito and company threatened to crack down on the Haches, Lamas and that lot????
Last edited by arturo; 12-03-2003 at 12:42 PM.
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What happend yesterday?
la fuerza to rescue the peso ? :-)
