World
Argentine Senate passes emergency measures
Sunday, 6 January 2002 23:21
The Argentine Senate has given full approval to an emergency bill which will allows the government to devalue the currency.
The reforms will end the peso's parity with the dollar and enable the foreign exchange and banking systems to carry out a currency devaluation.
If the government passes the proposal it is expected that the peso will be devalued by around 30%. For the past decade, Argentina's peso had been valued on par with the dollar.
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The move is part of an emergency plan by the new President Eduardo Duhalde to calm the protests that brought down two previous presidents in recent weeks.
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