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- Settlement reached in accidental shooting case at Kelly High (2/15/17)10
- MSHP: McLendon shot in side; autopsy refutes witness account (2/19/17)23
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- Cape officer shoots man inside a home (2/16/17)7
- Business notebook: Owners ready to roll out the Barrel 131 (2/20/17)4
- Apparent punch at girls basketball game propels lawmaker into action (2/21/17)4
- Former Cape cop indicted on possessing child porn (2/17/17)
- Man dies after being shot by officer; said to have come at cop with knife (2/16/17)29
- Ray's of Kelso to close, then reopen under new ownership (2/16/17)6
Free-floating peso debut delayed in Argentina
BUENOS AIRES, Argentina -- The Argentine government postponed Wednesday's scheduled debut of a free-floating peso until next week, buying more time as it tries to reform an economy nearly four years into a nosedive.
Economy Minister Jorge Remes Lenicov said Argentina will fully float its peso Monday, a move sure to be closely watched as the government does away with the country's dual exchange rate.
Remes Lenicov would not predict where the peso might settle, but said he expected it to fare well. "It's going to be a good opening," he said.
However, he said the move to an entirely peso economy is expected to make gross domestic product shrink at least 4 percentage points this year. As a result, the government estimates the roughly $260 billion economy will shrink 4.9 percent by the end of the year.
President Eduardo Duhalde moved to scrap the peso's longtime one-to-one peg with the U.S. dollar four days after he took office last month. He set an official rate of 1.4 pesos per dollar for limited export and import transactions, but allowed the peso to devalue nearly 50 percent on the open market where it now trades around 2-to-1.
Under Duhalde's economic plan, all bank deposits denominated in dollars will be converted to pesos at the government-set rate of 1.40 per dollar. Bank loans denominated in U.S. dollars will be converted into pesos at a rate of one-to-one.