As Argentines dump pesos for dollars, president seeks to mop up excess
Central bank has drained 97b pesos from economy this year by tightening monetary policy
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Buenos Aires
PRESIDENT Cristina Fernandez de Kirchner can't keep Argentines from dumping their pesos for dollars. So she's trying a different tack: draining a record amount of local currency out of the economy instead.
This year, the central bank has removed 97.2 billion pesos (S$15 billion) from Argentina's financial system, the most on a net basis since at least 2003. Relative to inflation, the number of pesos is now increasing at the slowest rate on record.
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