Argentina's Fernandez Ditches Dollars in Favor of Pesos

Argentine President Cristina Fernandez has vowed to lead by example and switch her U.S. dollar-denominated personal bank accounts to pesos, urging government officials to do the same.

The move is aimed at stemming the flight of dollars as savers anxious over rumors the government is about to de-dollarize the economy are withdrawing their savings and stashing them away in safety deposit boxes.

The Argentine central bank also needs all the dollars it can get in order to service its international debts, buying $7 billion so far this year.