PYG: Running Out Of Steam?

The unit's strength over the past year was mainly a combination of political stability, structural reform and, to a lesser extent, an influx of dollars generated by the soy harvest. Firstly, on the political front, President Nicanor Duarte Frutos won an internal election for the presidency of the ruling Asociación Nacional Republicana (ANR) in March, reducing uncertainty over a potential change in the party's leadership. Secondly, the currency also benefited from Standard & Poor's outlook

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