CNBC: Argentina devalues its currency, jacks up interest rates after shock far-right primary win
* The moves were a bid by the government to calm markets in the wake of the Argentinian congressman’s surprise victory.
* Argentinian stocks and its sovereign dollar bonds were also lower Monday.
Argentina’s central bank devalued its currency, the peso, by close to 18% and hiked its benchmark interest rate by a whopping 21 percentage points to 118% on Monday following a shock primary election win by far-right libertarian Javier Milei.
The moves were a bid by the government to calm markets in the wake of the Argentinian congressman’s surprise victory, which gave him the largest share of votes in the country’s presidential primary election at roughly 30%, far exceeding forecasts.
Markets had been betting on favorable results for moderate candidates. Argentina’s presidential election will be held in October.
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WNU Editor: After decades of political and economic chaos are the voters in Argentina looking for a radical change? We shall see.
More News On The Primary Win Of Libertarian Candidate Javier Milei.
Argentine peso plunges after rightist who admires Trump comes first in primary vote -- AP
Argentina devalues peso, raises rates after shock primary vote -- Reuters
Far-Right Libertarian Wins Argentina's Presidential Primary -- New York Times
Argentina's Javier Milei copies Trump's playbook to become country's biggest primary election vote-getter -- FOX News
Financial markets react to shock of far-right candidate's win in Argentina -- UPI
Far-right Javier Milei wins most votes in Argentina’s primary election -- Al Jazeera
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