Fearful Argentines pull dollars from banks after election shock


By Ignacio Olivera Doll
Bloomberg News
Friday, Augustd 16, 2019

Argentines have been withdrawing dollars from banks and keeping them at home since President Mauricio Macri's defeat in a key primary election sent the peso tumbling.

Savers pulled more than $700 million from their dollar-denominated accounts on Monday and Tuesday alone, according to the most recent official data. That's equivalent to 2.3% of total dollar deposits in the financial system. It was also the largest two-day withdrawal in percentage terms in more than five years.

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Long used to currency crises, many Argentines are still traumatized by the so-called corralito -- economic measures to stop a 2001 bank run that effectively froze bank accounts and halted dollar withdrawals. ...

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