By: Charlie Devereux and Daniel Cancel
Argentine foreign currency reserves will end the year little changed at about $28 billion as a record harvest and a devaluation of the peso halts an outflow of funds, central bank President Juan Carlos Fabrega said.
The reserves cushion will help South America’s second-biggest economy meet payments on its foreign debt as the Economy Minister Axel Kicillof negotiated settlement for an estimated $10 billion in defaulted loans with the Paris Club, an informal grouping of creditors. Argentina agreed on an arrangement to clear overdue debt payments over a five-year period, the club said in an e-mailed statement.
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