(Bloomberg) -- Argentina’s international reserves have tumbled to their lowest since 2016 as the central bank drains its coffers to defend the increasingly beleaguered peso. The currency tumbled 13% in parallel markets last month to a record low as a historic drought sapped key crop exports, fueling a dollar shortage at the same time that inflation accelerates past 100%. As the crisis deepens, Argentina and the International Monetary Fund are discussing the possibility of bringing forward payments from the multilateral lender ahead of presidential elections in October.
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