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Argentina is the emerging country with the lowest amount of net reserves as a percentage of GDP

RIO DE JANEIRO, BRAZIL - Argentina's net reserves, i.e., those that do not have liabilities as a counterpart, fell to less than US$2.2 billion after the last payment to the International Monetary Fund, according to a recent report by Consultora 1816. Other calculations, such as that of the consulting firm LCG, estimate them at US$3.9 billion.

In any case, the number is still very low. For reference, when Axel Kicillof was forced to devaluate in January 2014, the Central Bank had some US$17 billion net, according to estimates by Empiria economist Juan Ignacio Paolicchi . . .

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