BUENOS AIRES, Sept 27 (Reuters) - Argentina’s peso opened 3.6 percent weaker on Thursday at 40 per U.S. dollar after the government unveiled a revised $57 billion program with the International Monetary Fund late on Wednesday that ruled out major central bank intervention in the market.
“Exchange rate policy will now have a clearer framework but a more complex one based on rules,” said Alberto Ramos of Goldman Sachs.
The program - a record for the IMF - introduces a trading band for the peso between 34 and 44 pesos, outside which the central bank can conduct small-scale market intervention. It also switches the focus of monetary policy to targeting zero growth in money supply over the next year, instead of inflation. (Reporting by Walter Bianchi Writing by Daniel Flynn Editing by Chizu Nomiyama)