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Non-Tech : Monetary Policy and Standards
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To: long-gone who wrote ()8/21/1999 9:52:00 AM
From: long-gone   of 29
 
Can Argentina simply "dollarize"?
Thursday August 19, 4:31 pm Eastern Time
Argentine cenbank hopeful on US's Summers,dollar plan
BUENOS AIRES, Aug 19 (Reuters) - Argentina's Central Bank on Thursday said the United States' new Treasury Secretary Lawrence Summers is more enthusiastic about the nation's dollarization plan than his predecessor, Robert Rubin, who left office in July.
``Summers was more enthusiastic than Rubin,' a senior Central Bank official said of meetings with U.S. officials on Argentina's plan to switch its currency to the U.S. dollar. ``The plan still requires political consensus in Argentina and the United States,' the official added.
Summers has said he will carry on Rubin's pro-market and strong-dollar policies.
Faced with Argentina's vulnerability to external shocks, Argentine President Carlos Menem in January unveiled the plan to formally adopt the dollar as the nation's official currency. Around 70 percent of Argentina's money supply is already in dollars, under a currency board system which pegs the peso to the dollar.
Argentina has informally discussed the plan with the U.S. Federal Reserve. So far, Fed officials have said the plan is not on the U.S. central bank's near-term horizon.(cont)
biz.yahoo.com
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