Argentina's central bank issued new regulation on Thursday that will require provinces with foreign currency debt to obtain their own financing for 60% of capital repayments. The South American country's monetary authority added that the regulation aims to make provincial debt payments "compatible" with the bank's need to manage its foreign currency reserves, according to a statement.
Argentina's central bank purchased $451 million of foreign currency on Wednesday to bolster its dwindling hard currency reserves, after daily sales from farm exports topped $1 billion, providing some relief for the country's hard-hit finances. The currency move on Wednesday marks the biggest such purchase since late December.
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