BUENOS AIRES (Reuters) -Argentina’s central bank will launch a repurchase agreement of up to $2 billion, known as a REPO, to boost its foreign reserves, it said on Monday.
The deal – announced alongside other measures to increase the central bank’s reserves – comes ahead of an expected review with the International Monetary Fund (IMF) of the country’s recently signed $20 billion loan agreement.
Argentina needs to boost its reserves ahead of the review, and has said it will not purchase dollars locally to do so. On Monday, the bank reported $38.60 billion in reserves, short of the $40 billion needed.
The REPO deal is set for Wednesday, the central bank said in a statement.
(Reporting by Jorge Otoala; Writing by Kylie Madry, Editing by Natalia Siniawski)
