Argentine Economy Minister vows for strict fiscal management

Argentina's new Economy Minister Silvina Batakis on Monday vowed to promote strict fiscal management and boost exports to increase the country's monetary reserves.

Batakis made that pledge after she was sworn into her role by President Alberto Fernández. After left-leaning Batakis was named to replace her moderate predecessor Martín Guzmán, who suddenly resigned from her post, the country's peso fell and stock prices dipped.

The peso’s value was down 18% at one point in the informal market Monday, reaching 280 per dollar, before recovering some late in the day. Prices for government bonds plunged as much as 10%, signaling fears of worsening inflation, while stocks also saw declines.

Batakis will be responsible for managing an economy burdened with fuel shortages, inflation running at an annual rate above 60% and will play a key role in determining the future of the country's debt.