Argentina’s economy contracts as Peso falls to 38.7 vs. U.S. dollar

The Central Bank of Argentina announced it will increase the number of reserves in which it will hold, reports say

Argentina’s central bank raised rates 60% Thursday as an evasive maneuver to ease the proverbial pain as the countries economy continues to contract after the government borrowed more money than it can repay, report say.

The Argentine Peso was 38.7 vs. the U.S. dollar as of 5 p.m. eastern time.

The IMF is seeking to “revise the government’s economic plan” as soon as possible.