With a Consumer Price Index (CPI) for January 2023 expected at 5.6%, Argentina's Central Bank (BCRA) issued a report Friday forecasting that inflation for the entire year would be 97.6% while the country's Gross Domestic Product (the sum of all services and goods traded) will only grow by 0.5%.Add your comment!
Argentina's monetary authorities Tuesday announced the creation of the “agrodollar,” a special exchange rate for agrifood exporters to liquidate their revenues through formal channels at an exchange rate closer to the parallel (“blue”) quotation.
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” market.
Argentina's Central Bank Friday announced the yearly inflation for 2021 was expected to reach 46%, while figures for the past month of March were around 3.9%. The official peso/US dollar exchange rate was foreseen at $ 115/ US$ 1 by the end of this year.
Argentine bondholder groups slammed the government over economic policies they said were undermining investor confidence in the country, which emerged from a sovereign default in September after a US$ 65 billion restructuring.
Argentina's central bank said on Thursday that it would allow a managed float of the peso currency and abandon its current uniform daily devaluation strategy as it seeks to adapt its monetary policy amid sharpening economic turmoil.
Argentina is rushing to import banknotes as its national mint struggles to keep pace with soaring central bank issuance and inflation of more than 45%. The mint is importing printed bills for the first time in five years and is also boosting its purchases of the paper used to make banknotes, according to three people with direct knowledge of the matter.
A group of Argentina’s biggest bondholders will meet with the country’s treasury minister in New York this Monday to hear how Latin America’s third-largest economy plans to dig itself out of its latest debt crisis.
Argentina's peso slipped further against the dollar Tuesday while the stock market partially recovered as South America's third-largest economy continued to take a pummeling in the wake of pro-business President Mauricio Macri's crushing defeat in party primaries.
Argentine Central Bank President Guido Sandleris Tuesday admitted inflation remains high, but he forecast July's figures will be smaller than those of June in light of the current clear trend to the downside.