Economy

• Friday, July 28th 2023 - 09:51 UTC

  Euro zone raises benchmark interest rate to 4,25% for the ninth time running

  

  The European Central Bank on Thursday increased the key interest rate in the Eurozone by 0.25 percentage points to 4.25%. The decision to hike rates for a ninth straight time is part of the ongoing campaign to bring down inflation, but as inflation pressures show tentative signs of easing, recession worries mount.

• Thursday, July 27th 2023 - 10:10 UTC

  Argentina: No REM report until after PASO elections

  

  Argentina's Central Bank (BCRA) Wednesday postponed the release of its monthly Relevamiento de Expectativas de Mercado (REM) report until after the Aug. 13 Open, Mandatory and Simultaneous Primary (PASO) elections, it was announced in Buenos Aires.

• Thursday, July 27th 2023 - 10:00 UTC

  Fed raises benchmark rate to its highest since 2021, “getting inflation back to 2% has a long way to go”

  

  The United States Federal Reserve raised its benchmark lending rate on Wednesday by a quarter of a percentage point, the highest level since 2001 and the eleventh hike in its last 12 meetings.

• Wednesday, July 26th 2023 - 10:56 UTC

  Latin America to grow this year above IMF's previous projections

  

  The International Monetary Fund (IMF) Tuesday admitted that Latin America and the Caribbean will grow 1.9% this year, 0.3 percentage points above April's projections due to the momentum of the economies in Brazil and Mexico.

• Wednesday, July 26th 2023 - 10:20 UTC

  Building an equitable fiscal future for Latin America

  

  By Jose Antonio Ocampo (*)
  
  BOGOTÁ – On July 27-28, Colombia will host the first ministerial summit for sustainable, inclusive and equitable global taxation, with the support of Brazil and Chile. The choice of venue is not coincidental: it reflects Colombia’s commitment to tackling poverty and inequality through progressive taxes.

• Tuesday, July 25th 2023 - 11:48 UTC

  Argentina: “Blue” dollar rises yet again

  

  The “blue” (a euphemism for “black market”) exchange rate between the Argentine peso and the US dollar rose over AR$ 20 -trading at AR$ 550/US$1- for an accumulated increase of AR$37 in the last 11 days after the latest announcements from the Economy Ministry, it was reported in Buenos Aires.

• Tuesday, July 25th 2023 - 11:40 UTC

  Lula expects the Central Bank to lower the benchmark interest rate next week

  

  Brazil's President Luiz Inácio Lula da Silva and his economic team in their ongoing battle with the independent Central Bank, have anticipated they expect a cut in the benchmark interest rate, of at least 25 points, pressuring bank policymakers to lower borrowing costs given a dramatic fall in inflation.

• Tuesday, July 25th 2023 - 11:20 UTC

  Uruguayan tourists take their dollars across the border to Argentina

  

  Argentina's economic volatility has become a magnet for Uruguayan travelers during the winter recess, causing significant losses to local businesses, it was reported in Montevideo.

• Tuesday, July 25th 2023 - 11:00 UTC

  Federal Reserve anticipates a 0.25% interest rate increase this week

  

  Despite calls to the contrary the Federal Reserve is expected to raise interest rates by another 0.25% this week with Fed Chair Jay Powell expected to leave the door open to additional rate hikes later this year.

• Tuesday, July 25th 2023 - 10:54 UTC

  Solution wanted at Mercosur level: mobility platforms need local HQs

  

  According to Paraguay's Juan Marcelo Estigarribia, Executive Secretary of the South American country's Consumer and User Defense Secretariat (Sedeco), a Mercosur Technical Committee has received a complaint from his agency about the lack of representation of mobility platforms such as Uber and Bolt.