Parallel Dollar Hits Record and Stock Market Falls 3 in

Parallel Dollar Hits Record and Stock Market Falls 3% in Argentina Poder360

The price of the blue dollar hit 280 pesos in the country, and the S&P Merval Index fell 3.38% this Monday (July 4, 2022).

The blue dollar (parallel) hit 280 pesos in Argentina and the country’s stock market fell 3.38% this Monday (July 4, 2022).

The deterioration of the neighboring country’s markets was registered after the resignation of Argentina’s economy minister, Martín Guzmán. The country is in an economic crisis. Guzmán left the government after clashes with Vice President Cristina Kirchner. She advocates greater intervention to mitigate the impact of the country’s economic crisis on the lowerincome population. The now exminister says he has “deep conviction and confidence” in his more moderate economic vision.

The Argentine government appointed a new economy minister on Sunday (07/03/2022). Then an Interior Ministry employee, Silvina Batakis, was chosen to fill the post.

The parallel currency was priced at 239 pesos on July 1st. It rose 41 pesos in one day. At 13:15 GMT, the blue dollar slowed to 268 Argentine pesos but still records a high of 29 pesos.

Hover over the chart below to see the values:

The S&P Merval, the main index of the Argentine stock exchange, fell 3.38% to 87,005 points. At 1:00 p.m., it fell 1.01% to 89,142 points.

Argentina’s inflation rose by 5.1% in May. As a result, the country’s price index was 60.7% over the 12month period. This is the highest value for 30 years. The May variation surpassed the April variation, which was already the highest since 1992.

Silvina will be tasked with calming markets amid political tensions between President Alberto Fernández and his deputy Cristina Kirchner. In a report by the Clarín newspaper, he said he was 53 years old and had worked in the public administration of Buenos Aires since 1992.