FX Markets

Prat-Gay rapped by Argentine cabinet

Argentina's newly elected president, Nestor Kirchner, had indicated that he favours a free-floating exchange rate at around 3 pesos to the dollar. But Prat-Gay was reported to have said it is impossible to predict the exchange rate and it is not viable to use monetary policy to influence it.

The central bank chief later issued a statement saying his comments were made in private and were not an attack on the government. But Alberto Fernandez, head of the Argentine cabinet, said on local

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