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Montevideo, July 20th 2018 - 18:23 UTC

Tag: argentina economy

  • Thursday, July 19th 2018 - 07:44 UTC

    Macri offers optimistic forecast of Argentine economy, pledging growth will return next year

    “Clearly the levels of growth that we are coming from are going to diminish,” Macri said in a press conference

    Argentina’s economy will return to growth in 2019, President Mauricio Macri said on Wednesday, following a year marked by higher-than-expected inflation and a run on the Peso currency that many economists anticipate will lead to a recession.

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  • Monday, July 9th 2018 - 07:08 UTC

    “Argentina on the rocky road to recession”, anticipates The Economist

    Frustratingly for president Macri, Argentina’s travails are, in part, a consequence of his efforts to put the economy on a firmer footing.

    On a residential street corner in Buenos Aires, Van Koning Market sells imported beers to the city’s well-heeled. Since it opened in June last year costs have soared. The peso has plummeted, meaning wholesale prices have shot up. Inflation is running at 26%; the reduction of government subsidies means the monthly electricity bill has risen from 700 pesos to 4,000 pesos (US$ 142).

  • Saturday, June 30th 2018 - 15:49 UTC

    Argentine Peso and equities end the week back on skid row

    The US dollar was trading at almost 30 Argentine Pesos on Friday afternoon until it finally closed at 28.85, with a daily depreciation vs the greenback of 2.53%

    After a week of relative stability, the Argentine peso slid more than 2.5% percent on Friday, as an economic crisis marked by high inflation, wobbly growth and an outflow of capital began to bite again.

  • Wednesday, June 27th 2018 - 08:12 UTC

    Argentine economy shrinks 0.9% as agriculture hit by drought plummets 31%

    It was the first negative monthly reading since February 2017. The economy shrank 2.7% in April from March

    Argentina’s economy shrank in April for the first time in more than a year, government data showed on Tuesday, while the central bank held its policy rate stable at 40% in the first rate decision since a shakeup in its leadership.

  • Tuesday, May 29th 2018 - 09:09 UTC

    The Way Out of Argentina’s New Crisis

    Until now, Macri has shown he can be an able administrator and an astute politician. The currency crisis could not have happened to a nicer guy. But it did.

    The late MIT economist Rüdiger Dornbusch used to tell his students in the 1980s that there are four kinds of countries: rich, poor, Japan, and Argentina. No one frets anymore about Japan buying its way to world domination. But the world is worrying again about Argentina.

  • Saturday, May 26th 2018 - 08:54 UTC

    Argentine church independence message: sigh of relief for embattled Macri

    Members of the Macri administration during the ceremony listening to Cardinal Poli's homily calling for unity and better distribution

    A sigh of relief from Argentine president Mauricio Macri and his administration following on Friday's Tedeum by the Archbishop of Buenos Aires, which marks the Church' message on May 25, the symbolic celebration of the first independence efforts during the 1810 Revolution.

  • Wednesday, May 16th 2018 - 09:09 UTC

    Argentina seems to have managed Tuesday's challenge, but what comes next?

     Finance minister Luis Caputo said Argentina managed to float additional bonds, equivalent to US$ 3 billion in Pesos

    Argentina’s central bank on Tuesday rolled over billions of dollars in short-term debt, providing President Mauricio Macri’s government with a shot of confidence after weeks of economic volatility. In a statement, the Argentine central bank said it refinanced all of the US$ 26 billion of peso-denominated short term bonds that matured on Tuesday. Investors were attracted by renewal rates of 40% for 36-day Lebac and 38% and 38,5% for 90 days and plus, Lebacs.

  • Monday, May 7th 2018 - 08:29 UTC

    Argentina and China among the most vulnerable markets, says IIF

    Experts reevaluated potential changes in investors’ interest in assets amidst the strengthening of the U.S. dollar, growth of interest rates and trade disputes.

    The markets of China, Ukraine, Argentina, South Africa and Turkey are the most vulnerable among all developing countries in terms of financing needs, reserve adequacy, asset valuation, institutional quality and trade resilience, according to a review by the analysts of the Institute of International Finance (IIF).

  • Thursday, May 3rd 2018 - 08:39 UTC

    Lack of investor confidence sees the Argentine Peso fall 3.11% against the dollar

    The central bank sold about US$ 400 million in the foreign exchange market as of early Wednesday afternoon, traders said

    Argentina’s peso currency closed down 3.11% on Wednesday at an all-time low of 21.2 per U.S. dollar, even as the central bank continued selling dollars to try to halt the slide of the local currency, traders said. The currency’s sustained weakening showed a lack of investor confidence in Latin America’s third largest economy, which is blighted by one of the world’s highest inflation rates.

  • Thursday, April 12th 2018 - 08:59 UTC

    Argentina central bank keeps benchmark interest rate at 27.75%

    The bank said it did not expect significant depreciation of the Peso in coming months, after it sold over US$2 billion in reserves this year to halt the peso’s slide.

    Argentina’s central bank held its benchmark interest rate at 27.25% this week, the monetary authority said in a statement, noting that high-frequency indicators suggested core inflation would remain high in April, but below March’s levels.