Fearful Argentines pull dollars from banks after election shock

Section:

By Ignacio Olivera Doll
Bloomberg News
Friday, Augustd 16, 2019

Argentines have been withdrawing dollars from banks and keeping them at home since President Mauricio Macri's defeat in a key primary election sent the peso tumbling.

Savers pulled more than $700 million from their dollar-denominated accounts on Monday and Tuesday alone, according to the most recent official data. That's equivalent to 2.3% of total dollar deposits in the financial system. It was also the largest two-day withdrawal in percentage terms in more than five years.

... Dispatch continues below ...



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Long used to currency crises, many Argentines are still traumatized by the so-called corralito -- economic measures to stop a 2001 bank run that effectively froze bank accounts and halted dollar withdrawals. ...

... For the remainder of the report:

https://www.bloomberg.com/news/articles/2019-08-16/fearful-argentines-pu...

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