Economy

• Thursday, March 23rd 2023 - 10:53 UTC

  Argentine gov't to pesify state-held securities in foreign currency

  

  Argentina's Economy Minister Sergio Massa and his aides held a working lunch Wednesday with a group of businessmen from banks, insurance companies, and investment funds, during which the new measures adopted to control a ballooning exchange rate between the local currency and the US dollar were outlined.

• Thursday, March 23rd 2023 - 10:51 UTC

  Brazil would like to see Argentina join BRICS, FM says

  

  Brazil's Foreign Minister Mauro Vieira told the website Metrópoles that his country would like to have Argentina join the BRICS group, but insisted that for such a move to happen it would depend on the consensus from the other bloc members (Russia, India, China, and South Africa).

• Thursday, March 23rd 2023 - 10:48 UTC

  In a display of firmness, the Fed increases the key interest rate by a quarter point

  

  Despite concerns of a possible recession and increased banking turmoil, the U.S. Federal Reserve extended its year-long fight against high inflation on Wednesday by raising its key interest rate by a quarter-point.

• Thursday, March 23rd 2023 - 10:45 UTC

  Brazil central bank keeps rate unchanged despite Lula's government complaints, “the highest in the world”

  

  The Brazilian Central kept interest rates unchanged for the fifth consecutive policy meeting on Wednesday, increasing concern and criticism from the government of president Lula da Silva. The bank's rate-setting committee, Copom, maintained its Selic benchmark interest rate at 13.75%. The decision, which defied intense pressure from the government of Lula da Silva, matched the expectations of analysts.

• Thursday, March 23rd 2023 - 10:20 UTC

  With prices continuing to rise, Bank of England expected to increase the basic rate to 4,25%

  

  Following a surprise rise in UK consumer prices, the Bank of England is expected to increase interest rates for an 11th consecutive. Analysts think an increase in the Bank rate from 4% to 4.25% is the most likely outcome of the Monetary Policy Committee Thursday meeting later.

• Thursday, March 23rd 2023 - 10:14 UTC

  Brazil: Minister Haddad not happy about Selic rate remaining unchanged

  

  Brazil's Finance Minister Fernando Haddad found the Monetary Policy Committee (Copom)'s decision to leave the basic Selic interest rate unchanged at 13.75% per year “very worrisome,” particularly because new increases were not ruled out for the near future, Agencia Brasil reported.

• Wednesday, March 22nd 2023 - 10:35 UTC

  Lula insists in criticizing central bank autonomy: current rate of 13,75% is “irresponsible”

  

  Brazilian President Luiz Inacio Lula da Silva criticized on Tuesday the country's central bank, saying that an interest rate of 13.75% - its current level - is “irresponsible,” adding he will continue to fight the current level to stimulate the economy.

• Wednesday, March 22nd 2023 - 10:35 UTC

  Crucial week for the Fed's Powell and the US banking system

  

  Several banking failures in the US this month have raised fears about the health of the financial system. The collapses follow a sharp rise in global borrowing costs, led by the US, which has shocked the world economy and raised worries about a painful downturn known as a recession.

• Wednesday, March 22nd 2023 - 10:24 UTC

  Massa to announce new measures as Argentine peso sinks against US dollar

  

  With the informal exchange rate between the Argentine peso and the US dollar known as “blue” going up AR$ 8, and reaching a new record high of AR$ 394, Economy Minister Sergio Massa is planning a set of measures to reverse that trend. The new package is to be conveyed to businessmen and bankers over breakfast Wednesday before being announced.

• Wednesday, March 22nd 2023 - 10:11 UTC

  IDB loan for Uruguay to strengthen post-pandemic public policy and fiscal management

  

  The Inter American Development Bank, IDB, president Illan Goldfajn and Uruguay's Economy and Finance Minister Azucena Arbeleche signed a US$ 145 million loan agreement for the Program to Strengthen Public Policy and Fiscal Management in Response to the Health and Economic Crisis