Argentina Fights Speculation, Increases Fixed Term Deposits

As an economic measure for fighting speculative maneuvers on the foreign exchange market, Argentina’s central bank established a rise in the rate of fixed term deposits in order to stimulate savings in local currency. Besides strengthening the Argentine peso, the measure seeks to reduce the pressure on the financial reserves of the financial authority. It also challenges the idea that savings are only secure when maintained in foreign currency. Fixed term deposits have grown by 41% in the last year. Laureano Ponce reports from Buenos Aires for teleSUR.