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Argentine Peso Now Floating, Drops 10 Percent VOA News 11 Feb 2002 02:40 UTC 
Argentina's Peso fell sharply Monday as the country allowed the embattled currency to float for the first time in over a decade.
The currency fell to as low as 2.3 pesos to the U.S. dollar, a drop of about 10 percent.
Some economists say the peso, which has already dropped sharply against the dollar since it was devalued in January, could tumble out of control, deepening a devastating four-year recession.
A spokesman for president Eduardo Duhalde assured the nation Sunday the Central Bank has ample reserves to support the price of the peso.
The Central Bank said last week it has around $14 billion in international reserves. Bank officials say they are optimistic the peso will stabilize in the coming weeks.
A floating peso is seen as key for Argentina to obtain additional aid from the International Monetary Fund.
In December, the IMF refused to clear a loan to Argentina worth over $1 billion, saying the country failed to control spending.
Some information for this report provided by Bloomberg and AFP.
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