Argentina peso drops as left-leaning economy minister named

By DANIEL POLITI
Associated Press

BUENOS AIRES, Argentina (AP) — Argentina’s peso has fallen on the first day after left-leaning Silvina Batakis was named economy minister. Her appointment late Sunday followed the surprise resignation over the weekend of Martín Guzmán, who was largely seen as a moderate voice within President Alberto Fernández’s Cabinet. Guzmán had been the target of strong criticism from more left-leaning elements of the governing coalition, including the vice president, and Batakis is seen allied with that faction. On Monday, the peso’s value was down 18% at one point. Prices for government bonds plunged as much as 10%, signaling fears of worsening inflation, while stocks also saw declines. Argentines largely save in U.S. dollars and the exchange rate is closely followed as a general barometer for the economy.