Argentina devalued its currency by 11.5% as...

Argentina devalued its currency by 11.5% as it prepared to launch a new drive in a two-year-old campaign against its hyperinflation. Official spokesmen for President Raul Alfonsin’s government were not immediately available to comment on the reasons for the surprise devaluation but money market dealers linked it to the imminent launching of the anti-inflation drive. The dealers said that as part of the anti-inflation effort the government also could institute a two-tiered exchange market, with one sector for foreign trade operations and the other local financial operations. Over the last 12 months Argentina’s inflation has surged ahead at a 135.8% rate.