June 21, 2018 / 1:48 PM / 10 months ago

UPDATE 1-Argentina outlines plan to auction $7.5 bln from IMF funds

(Adds details of auctions)

BUENOS AIRES, June 21 (Reuters) - Argentina’s Treasury Ministry said it has instructed the central bank to sell $7.5 billion of the funds the country received from the International Monetary Fund through 75 daily auctions of $100 million each, beginning Thursday.

The country on Wednesday received an initial disbursement of $15 billion of the total $50 billion stand-by credit. Authorities had said they planned to convert half of the initial disbursement into pesos in order to finance the budget.

In a later statement, the central bank said the auctions would begin at 1 p.m. local time (1600 GMT) each day, and last five minutes.

Both the central bank and the Treasury Ministry said the plan could be modified if needed for “greater seasonal needs for pesos.” (Reporting by Luc Cohen Editing by Chizu Nomiyama and Jeffrey Benkoe)

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