June 18, 2018 / 12:01 AM / 6 months ago

Argentina's new production minister says 28-29 pesos per dollar 'comfortable'

BUENOS AIRES, June 17 (Reuters) - Argentina’s newly named Production Minister Dante Sica told a radio station on Sunday that an exchange rate of between 28 and 29 pesos per dollar is “comfortable” for industry.

Sica, an economist, was appointed on Saturday to replace Francisco Cabrera as part of a shake-up that also led to the appointment of a new central bank president and energy minister.

“The dollar at between 28 and 29 pesos is comfortable for the industrial sector. It will give us predictability,” Sica told Buenos Aires radio station La Once Diez.

The new minister’s comments follow several weeks of extreme currency volatility that led Argentina to seek a $50 billion lifeline from the International Monetary Fund, aimed at restoring trust in the central bank and calming markets.

The peso ended last week down 1.05 percent at a record low 28.45 per dollar. The troubled currency is down 34.45 percent since the beginning of the year.

Reporting by Maximilian Heath; Writing by Dave Sherwood; Editing by Daniel Wallis

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