September 30, 2019 / 1:27 PM / 5 months ago

Argentina orders public entities to invest spare cash in local Treasury paper

BUENOS AIRES, Sept 30 (Reuters) - State-controlled entities in Argentina were ordered by the government on Monday to invest spare cash in Treasury notes of up to 180 days to ensure short-term fiscal financing, as the country wrestles with uncertainty ahead of the October election.

Businesses like state-controlled energy company YPF and national air carrier Aerolineas Argentina are subject to the government decree, published in the official gazette.

The measure was taken “as a result of the financial and exchange rate instability that the Nation’s economy is going through,” the decree said.

The peso currency has weakened 21% since the Aug. 11 primary vote, in which business-friendly President Maurico Macri was beaten by populist-leaning rival Alberto Fernandez, who is now the clear front-runner ahead of the Oct. 27 general election.

Reporting by Walter Bianchi, writing by Hugh Bronstein, Editing by Catherine Evans

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