[laumac]

Citation here: http://en.mercopress.com/2013/10/21/argentine-central-bank-l... We'll add a link to this in the post now.

[mikeash]

That doesn't mean it makes sense. $47.5 million/day being the same as $8 million/hour implies that there are 5.9375 hours per day.

[laumac]

You're right, it doesn't make sense. We're adjusting our numbers to what the central bank has actually reported here: http://www.bcra.gov.ar

Reserves at 31 Dec were US$43.29b and at 18 Oct were US$34.25 = total loss of US$9.04b. Since there has been 291 actual days in the year up to 18 Oct, the daily loss is $31.08m.

[contingencies]

8 hours a day minus an hour for lunch is 7 hours .. perhaps exchange operations close an before the daily close of business? Wouldn't surprise me, and that's ~5.9375 (6 to be precise). Then of course there's bank holidays and weekends...

[marianov]

The goverment has declared an unprecedented number of holidays last year (i.e. moving holidays from weekends to mondays, declaring "bridge" holidays when a holiday happens on tuesday or thursday, 2012 had 5 more than 2011). 2013 will have 17 bank holidays.