Argentina’s Economy Minister Sergio Massa pledged Wednesday night to stop printing money that helps fuel runaway inflation, outlining his strategy to turn around the country’s deepening crisis. Massa rolled out his economic road map after being sworn in by President Alberto Fernández as the third such minister in a month. Massa’s measures also focused on … Read more
Argentina’s central bank offered its Leliq note, which is used as the benchmark interest rate, at a rate of 60%, representing an 800 basis-point increase and the largest hike in almost three years. The rate increase was communicated to traders through the local Siopel trading system, according to people with direct knowledge of the matter … Read more
One of Argentina’s last remaining international creditors hinted that it won’t approve new funding until the government gets its house in order, raising the risk of further isolating the nation financially. Mauricio Claver-Carone, president of the Inter-American Development Bank, published a letter in the Wall Street Journal Monday laying out the bank’s concerns. “Argentina’s tumultuous financial … Read more
Argentina unveiled a slew of currency measures for foreign tourists, importers and local companies that aim to shore up the currency amid a month-long slump in the country’s unofficial exchange rates. Importers of strategic sectors in the economy will have more access to dollars, the government said in a statement Thursday, as it seeks to … Read more
Foreign Analysts do not see a bright future ahead for Argentina’s economy. While some place it among the countries most likely to default its debt, others fear it might not survive a new adjustment to the basic interest rates by the United States. According to a Reuters report, five countries (Lebanon, Sri Lanka, Russia, Suriname, … Read more
Argentina’s Central Bank held its benchmark interest rate at 52%, even as inflation accelerated to its fastest pace in 30 years, and set a reference range for monetary policy. The decision by the bank’s board came on Thursday after yields at the latest Treasury note auction rose by as much as 400 basis points to 63.5 percent … Read more
The Government of Argentina has adjusted the so-called PAIS tax from 35% to 45% as of Thursday to equate the exchange rate between the local currency and the US dollar to that existing in the unofficial “blue dollar” market. Argentines making payments with credit cards in US dollars either abroad or for streaming services such … Read more
Argentina’s runaway inflation rate stole the headlines once again this week when the INDEC statistics bureau revealed that consumer prices rose at the fastest pace in more than three decades in June. Prices jumped 5.3 percent last month, fractionally up on May’s 5.1 percent and making for an annual inflation of 64 percent, according to … Read more
Argentines face the prospect of 90 percent inflation by year end after the economy minister’s exit triggered overnight price rises and the Central Bank comes under pressure to let the peso depreciate more rapidly. That would be the fastest pace since hyperinflation three decades ago, and the highest rate in the world outside Venezuela and … Read more
On Sunday morning, Argentines woke up early and rushed to the grocery store, the bakery, the liquor store, the mall, wherever they could go to stock up fast. The night before a political bombshell had dropped: the economy minister, Martín Guzmán, had suddenly resigned. And Argentines, long accustomed to financial chaos, knew the current crisis … Read more