The Philippine peso is the worst performing currency in emerging markets after the Argentine peso
this year, losing about 4 percent against the dollar.
Peru is also set to benefit from cheaper food imports owing to the lower price of grains and weakness in the Argentine peso
, as Argentina is a major source of imported grains.
In its report on Monday, Zenith cited the devaluation of the Argentine peso
for the forecast revision.
The accusation is that the central bank took billions of dollars worth of money-losing positions in the futures market ahead of a widely expected devaluation of the Argentine peso
It is alleged that Fernandez was part of a scheme to keep the Argentine peso
inflated by selling derivatives below market value.
Ongoing currency controls and weakness in the Argentine peso
in the country will also continue to push up vehicle prices in 2015, dragging on vehicle sales, and a likely devaluation in the peso in 2016 will ensure price pressures continue in 2016.
Witness the Mexican Peso crisis of 1994, the Asian financial crisis in 1997 and the collapse of the Argentine Peso
Boudou is accused of using shell companies and secret middlemen to gain control of a company that was given contracts to print the Argentine peso
, as well as material for Fernandez's election campaign.
The risk-averse shift in investments led to a sharp depreciation in emerging-market currencies such as the Argentine peso
, which depreciated 54 per cent since May 1, 2013; the Turkish lira, down 24 per cent; and the South African rand, 19 per cent lower.
22, when the Argentine peso
fell by more than it had in a decade, while black-market trading in what Argentines now call "the blue dollar" traded at the highest rate.
The Argentine peso
, the region's main culprit, has plummeted by 19 percent this year against the U.
Earlier in the day, Japanese Finance Minister Taro Aso said the government will closely monitor how turmoil in emerging market currencies, such as Argentine Peso
, Turkish lira, South African rand will affect the global economy, as the recent plunge in those currencies have caused the yen appreciation and stock declining trend in Tokyo.