Economy Minister Luis Caputo announces President Javier Milei’s government will withdraw the fiscal chapter of its sweeping ‘Omnibus bill’ reform package to ease its passage through Congress. President Javier Milei’s government is withdrawing key fiscal measures from its sweeping ‘Omnibus bill’ reform package after facing stiff political opposition, Economy Minister Luis Caputo announced late Friday. … Read more
President Javier Milei will propose new rules to increase the number of Argentines paying income tax as part of a strategy to shore up government finances, according to two government officials familiar with the plan. The proposal that will be sent to Congress on Tuesday establishes that individuals making more than 1.3 million pesos (US$1,583) … Read more
International Monetary Fund confirms it has reached staff-level agreement with Argentina on fourth review of US$44.5-billion debt programme and calls for “modification of net international reserve accumulation target” due to economic impact of drought; Decision paves way for new tranche of US$5.3 billion in the near future. The International Monetary Fund (IMF) announced Monday that … Read more
Argentina will give investors the chance to exchange holdings of local debt into new bonds in a bid to ease fears of a default on the government’s US$35 billion of local debt coming due in the second quarter. Economy Minister Sergio Massa said the government would offer investors two swap options to exchange local bonds … Read more
New ‘wine dollar’ set to join country’s alphabet soup of parallel exchange rates, confirms Sergio Massa; Measure set to kick in April 1, with value set to be defined in next 20 days. Argentina’s government is drawing up plans to introduce the so-called ‘Dolár Malbec’ – yet another specialist exchange rate, this time aimed at … Read more
Private estimates agree that prices are likely to rise 20% in the first quarter of 2022, with inflation set to accelerate next month, pushing Sergio Massa’s stated 3% target for April way out of reach. Food prices in Argentina shot up again in February, overheating the consumer price index and pushing the national government further … Read more
Argentina’s economy contracted more than expected in December even after the country won its much-celebrated third World Cup title, confirming the view that the nation will likely enter recession later this year. Economic activity declined one percent in December from November, the fourth straight month of declines, according to government data published Thursday. From a year … Read more
Despite the drop in Dolar blue, which closed the week $295, and the strong rate hike, the Central Bank (BCRA) could not take advantage on Friday the “breather” in the price of the parallel currency and ended the trading day with barely $1 million buyer balance. The reserves of the BCRA were today at the … Read more
As Argentina reopens to international travellers, those who visit will find their dollars or euros go a long way. When the government shut borders in March 2020, one US dollar was worth around 60 pesos – now it’s around 140 pesos. Argentina is currently among the five countries in the world with the lowest cost … Read more
Even in Argentina, a country whose very name has become synonymous with financial crisis, the current moment is dire. With inflation hurtling toward triple digits and, economists say, just a policy mistake or two away from setting the stage for hyperinflation, the central bank is desperately trying to avert a peso devaluation that would only … Read more