Argentine government managed to stabilize the dollar price

In recent days the Government of Cristina Fernández has managed to halt the decline of the scarce reserves of the  central bank, key step to defend the value of national currency.

Three weeks after the biggest devaluation in 12 years, the government has managed to pass the official dollar cost from 8 pesos to 7.82 with which it closed on Tuesday.

Among the measures implemented by the government is the access to dollars by the consumers.This helped to reduce the price of the parallel dollar.

The design and execution of this maneuver was conducted by the Minister of Economy, Juan Carlos Fabrega. He promoted a big rise in interest rates, which caused that large investors were attracted to some letters that were sold in pesos with an interest of 28.8% in three months.

Although the measure harms those who needs to access a credit or the small consumer who buys his goods in installments, with it, the Government contributes to defend the value of the peso and moves away from a second devaluation.