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
Argentina’s global bonds fell the most since they were issued nearly two years ago after the country named left-leaning policy maker Silvina Batakis as its new economy minister. Sovereign dollar bonds dropped as much as four cents on the dollar, with some notes dipping below 20 cents on the dollar by midday in Buenos Aires. … Read more
Financial turbulence hit Argentina on Tuesday as the US dollar climbed to a record high of 239 per peso on parallel exchange markets. The so-called ‘blue’ dollar was selling for 242 in some provinces nationwide, according to reports, maintaining its rising trend for the third consecutive day. So far, the unofficial rate has risen by … Read more
Argentina closed last year 2021 with a trade volume of US$141.118 billion, its biggest since 2013, and a surplus of US$14.75 billion, 17.7% higher than the previous year, the INDEC statistics bureau reported last Thursday. In the 12 months of 2021, exports totalled US$77.934 billion, 42 percent more than in 2020 and the highest since … Read more
Mexican President Andrés Manuel López Obrador on Friday asked the International Monetary Fund (IMF) for a “fair” deal for Argentina as the troubled nation seeks to restructure its multi-billion-dollar debt with the multilateral lender. The government of Alberto Fernández, which took office in December 2019, is negotiating for a new financing programme that will allow … Read more
Argentina sharply reduced its budget deficit in 2021 as President Alberto Fernández tries to cut down on spending amid talks with the International Monetary Fund. The so-called primary deficit, which excludes interest payments, fell to three percent of gross domestic product from 6.5 percent in 2020. The figure, boosted by proceeds from a wealth tax, … Read more