News of bank

Dollarisation is medium-term goal, Luis Caputo tells bankers

24-11-2023 22:06 Luis Caputo, who is leading Javier Milei’s economic team during the transition, tells banking executives in Buenos Aires that currency controls won't be lifted immediately and that dollarisation is a medium-term goal.

TRANSITION OF POWER

Argentine banks flee to one-day notes amid government transition

24-11-2023 14:34 Banks are fleeing to short-term notes for even more liquid securities as President-Elect Javier Milei’s vague comments on the debt have stoked concern over how he’ll handle the assets.

POLITICS & ECONOMY

Wall Street cheers as Milei swaps dollarisation for Macri brass

24-11-2023 13:07 Javier Milei pivots away from advisers advocating for his most dramatic campaign promises, choosing Wall Street veterans closer to Mauricio Macri.

BLOOMBERG - ANALYSIS

Milei opens a new era: What comes next in Argentina policy-making

20-11-2023 09:25 Milei’s biggest political challenge will be his lack of support in Congress, where his party only counts a minority of senators and a fraction of lower house representatives.

ELECTION 2023: RUN-OFF

Argentina takes leap into unknown with Javier Milei as president

19-11-2023 21:20 Attention will now turn to how Javier Milei implements his most contested measures with only a handful of representatives in a fragmented congress and an impatient electorate. He will take office December 10.

Election 2023

Argentina’s banks load up on liquidity before weekend’s election

15-11-2023 13:02 Local banks load up on the most liquid assets to ensure they could accommodate a potential surge in peso withdrawals ahead of run-off vote.

ELECTION 2023

Milei confirms dollarisation is a non-negotiable 'state policy'

02-11-2023 18:29 Presidential candidate for La Libertad Avanza says he won’t back down on two key policies – dollarisation and the elimination of the Central Bank – despite electoral pact with PRO leaders Mauricio Macri and Patricia Bullrich.

WAR IN MIDDLE EAST

Argentina condemns Israeli attack on refugee camp in Gaza Strip

02-11-2023 12:14 Foreign Ministry says “nothing justifies the violation of international humanitarian law, and the obligation to protect the civilian population” in wake of attack on Jabalia refugee camp; Massa distances himself from government statement.

FUEL CRISIS?

Argentines queue for fuel as FX shortage strands tankers at sea

26-10-2023 13:49 Growing lines at the pump and darkened gas stations at night are tangible signs of a fiscal crisis spiralling out of control.

FX MARKET

Gov't depletes room to intervene in currency futures ahead of election

20-10-2023 16:47 Central Bank almost out of room to intervene in currency futures, the main avenue it’s been using to prop up the plunging peso.

BLOOMBERG – ANALYSIS

Recession, inflation, devaluation: Economic troubles in 5 charts

19-10-2023 13:46 Argentina’s next president will take over in the middle of a financial emergency — which is par for the course in one of the world’s most dysfunctional economies.

HELP FROM BEIJING

China lets Argentina tap extra US$6.5 billion from swap line

18-10-2023 14:01 Move comes right before Argentina’s presidential election on Sunday as political uncertainty roils markets and the peso’s parallel exchange rate sells off.

INTEREST RATES

Central Bank hikes rate to 133% on inflation data

12-10-2023 23:39 Argentina’s Central Bank sharply raises key rate to 133%, sixth hike this year.

MONETARY POLICY

Central Bank likely to hold rate despite inflation spike

09-10-2023 21:04 Argentina’s Central Bank board plans to keep its benchmark interest rate unchanged despite inflation data hovering around a three-decade high.

VIOLENCE IN MIDDLE EAST

Jewish groups, supporters stage march in support of Israel

09-10-2023 21:00 According to Argentina's Foreign Ministry, at least seven Argentine citizens have been killed in Israel, with another 15 people reported missing.

MIDDLE EAST

Israel imposes total siege on Gaza after Hamas attack

09-10-2023 11:41 Israeli Prime Minister Benjamin Netanyahu vowed Monday to "change the Middle East" in Israel's war with Palestinian militant group Hamas, as the army pounded the Gaza Strip with air strikes.

FOREIGN POLICY & DIPLOMACY

Leaders in Argentina condemn attack on Israel, call for 'end of violence'

07-10-2023 12:51 Foreign Ministry in Buenos Aires deplores "armed attacks from the Gaza Strip against southern Israel" and calls for peace; Presidential candidates condemn violence and killing.

MIDDLE EAST

Israel and Gaza at war after Hamas launches surprise attack

07-10-2023 12:45 Countries around the world have condemned a wave of Palestinian attacks on Israel by land, sea and air that have left at least 70 dead and hundreds wounded on Saturday.

ECONOMIC OUTLOOK

World Bank sceptical over Milei’s dollarisation plans

05-10-2023 00:45 Argentina’s economy is set to contract 2.5% in 2023, according to the World Bank.

ECONOMIC OUTLOOK

World Bank sees Latin America lagging rest of the world — again

04-10-2023 18:43 Latin America is once again on track to grow more slowly than the rest of the world, with the regional economy set to underperform those of South Asia and even war-battered Eastern Europe this year, according to a new World Bank report.

Public rebuke

Central Bank technical move slammed as ‘attack’ by Mercado Pago

26-09-2023 11:23 Technical measure by Argentina’s Central Bank provokes rare public rebuke by fintech arm of MercadoLibre.

ELECTION 2023

Javier Milei wows Tucker Carlson, Elon Musk and Argentina’s elite

20-09-2023 14:47 Tucker Carlson, Elon Musk and members of Argentina’s elite are now fans of the radical libertarian who wants to dollarise Argentina’s economy, shut down the Central Bank, slash spending and scrap most taxes.

ECONOMIC INDICATORS

Government has printed equivalent of 18% of GDP since 2019

19-09-2023 09:33 New report says President Alberto Fernández’s administration has printed the monetary equivalent of 3% of GDP so far this year, most of it aimed at the repurchase of bonds to protect their price level.

POLICYMAKERS MEET

Central Bank to keep key interest rate unchanged despite surging inflation

14-09-2023 00:46 Central Bank board will likely keep its key interest rate unchanged because policymakers expect slowing price pressures later on in the year.

BLOOMBERG – ANALYSIS

Milei should dollarise Argentina at once, says man who did it in Ecuador

13-09-2023 14:15 Francisco Zalles, one of the few economists in world with experience of introducing dollarisation, is gung ho about libertarian frontrunner’s plan. Do it, and do it quick, he says.

ECONOMIC INDICATORS

Brazil inflation accelerated in August to 4.61%

12-09-2023 14:54 Brazil’s inflation rate rises for second straight month in the wake of trimming of rates by central bank, but food prices decrease.

DOLLARISATION ON THE CARDS?

Argentina’s dollarisation is a ‘bad idea’, top economists say

07-09-2023 13:13 Dollarising Argentina’s economy — as proposed by presidential candidate Javier Milei — is a bad idea that will do little to solve the country’s long-standing fiscal problems, three of Latin America’s most-renowned economists said.

DOLLARISATION ON THE CARDS?

Milei in talks to win foreign financing to dollarise economy

07-09-2023 12:51 Javier Milei is in talks with investment funds abroad to obtain the foreign currency needed to dollarise the economy if elected later this year, reveals top adviser Diana Mondino.

ECONOMIC INDICATORS

Central Bank sees monthly inflation spiking above 10%

29-08-2023 14:31 Central Bank estimates consumer prices in Argentina will increase at least 10.6% from July, the fastest monthly rate since more than three decades ago

NEW FUNDING

Massa announces US$1.3 billion in funding from IDB, World Bank

22-08-2023 21:52 World Bank and Inter-American Development Bank to loan Argentina around US$1.3 billion, announces Economy Minister Sergio Massa from Washington.

MASSA TO STAY ON

Government lines up behind Massa ahead of new measures

17-08-2023 19:45 Government lines up behind economy minister as he prepares new measures to ease devaluation.

JAVIER MILEI INTERVIEW

Milei says he’d reject ‘assassin’ China, take Argentina out of Mercosur

16-08-2023 22:04 Presidential frontrunner doesn’t want to engage with leftists; Diana Mondino to run foreign ministry if president, Milei says.

JAVIER MILEI INTERVIEW

Milei vows to pay country’s debt while shuttering the Central Bank

16-08-2023 21:45 Presidential candidate reiterates criticism of Central Bank and says fiscal plan will create financing; Sovereign bonds have sold off since unexpected result.

DEFAULT ON THE CARDS?

Argentina vote shock leaves investors dreading the next default

16-08-2023 14:05 Investors are fretting about the implications of negotiating with little-known populist Javier Milei when an all-but-inevitable deby restructuring process comes.

Currency crisis

Argentine peso to slide 70% by next year, predicts Bank of America

16-08-2023 11:54 The worst is yet to come for the Argentina peso, already the world’s weakest currency this year, according to Bank of America strategists.

PASO REACTION

Out of options and money, Argentina presses the panic button

14-08-2023 22:09 After years of trying to avoid a currency devaluation that would add to soaring inflation and reduce its popularity with voters, Argentina's government has finally pushed the panic button.

REACTION TO PRIMARIES

IMF sets date for disbursements, backs devaluation

14-08-2023 21:59 International Monetary Fund backs Argentina's devaluation of peso and raising of benchmark interest rates; Spokesperson confirmes August 23 meeting to approve release of funds.

INFLATION WOES

Beef prices to pour more fuel on 116% inflation

07-08-2023 08:28 Decision to temporarily weaken the exchange rate for corn exports — designed to spur shipments abroad — has bumped up domestic feed costs. Now beef prices are set to soar in the coming months.

Economy

Argentina's reserves fall to 17-year low after US$2.6-billion payment to IMF

01-08-2023 16:28 Argentina's Central Bank reserves drop to 2006 levels, raising currency devaluation concerns amid high inflation and an upcoming recession.

Economy

IMF to loan Argentina as much as US$10.8 billion this year

31-07-2023 16:08 The International Monetary Fund has agreed to provide Argentina with up to US$10.8 billion in loans as part of a refinancing agreement, allowing the country to navigate its economic challenges ahead of the presidential elections, but meeting the fiscal and reserve accumulation goals will pose significant challenges according to analysts.

Economy

Argentina announces measures to boost foreign reserves

25-07-2023 13:34 Peso devaluation amid IMF negotiations triggers USD rush.

Economy

Argentina’s talk of ‘big’ IMF loans signals concern over markets

25-07-2023 13:10 Argentina's urgent push for financing from the IMF before the election reflects the nation's concern about the potential market turbulence caused by delays in the refinancing negotiations.

Economy

Argentina bonds climb after IMF, Massa say deal is coming

24-07-2023 14:46 Argentine overseas bonds surged to their highest level in almost six months as the government and the International Monetary Fund (IMF) neared a deal to accelerate billions of dollars in disbursements from a US$44 billion lending program, alleviating concerns over the nation's economic challenges and inflation surge.

Economy

IMF talks ahead of elections spur Argentina devaluation jitters

20-07-2023 14:55 As government-IMF negotiations face delays and the presidential election approaches, Argentines are adopting dollarisation strategies and witnessing heightened interventions in the bond market to shield themselves from possible currency devaluation.

economy

Argentina’s companies rush to raise dollars before election volatility

20-07-2023 14:29 Argentine companies are seizing the opportunity to refinance their debt at near-zero interest rates as investors brace for financial volatility and potential currency devaluation ahead of key primary elections.

Economy

Brazil’s economic activity tumbles past all forecasts

17-07-2023 19:57 Brazil's economy shrank more than expected in May, but President Lula's government's reforms and anticipated rate cuts have raised investor optimism.

BLOOMBERG

Argentina’s net reserves at record low, savings in the spotlight

10-07-2023 18:18 Argentina's Central Bank's net reserves have fallen into record negative territory, intensifying investor concerns about a possible run on the financial system.

MONETARY POLICY

Central Bank expects to hold benchmark rate through primary vote

05-07-2023 22:34 Economists surveyed by Argentina’s Central Bank see prices rising 149% annually by the end of this year and a 3% contraction in GDP.

IMF DEBT DEAL

Argentina pays IMF as negotiations to continue in Washington

30-06-2023 21:44 Government makes two payments owed to the International Monetary Fund before a Friday deadline; Senior officials Leonardo Madcur and Gabriel Rubinstein to hold discussions over a new staff-level agreement next week in Washington.