BUENOS AIRES (Reuters) – Argentina’s central financial institution bought $451 million of overseas foreign money on Wednesday to bolster its dwindling arduous foreign money reserves, after each day gross sales from farm exports topped $1 billion, offering some aid for the nation’s hard-hit funds.

The foreign money transfer on Wednesday marks the most important such buy since late December.

In Could, the central financial institution purchased a complete of $855 million, in response to merchants consulted by Reuters, the biggest month-to-month buy of dollars since final September.

The federal government has incentivized grains exports – Argentina’s essential supply of {dollars} – within the final two months with a preferential change price, serving to herald over $5 billion in complete. That measure formally ended on Wednesday.

The South American nation’s extended financial stoop has taken a toll on the financial institution’s overseas foreign money reserves, that are wanted to pay down debt in addition to to finance many imports.