News of currency

Milei, Caputo increasing bullish as they outline new IMF deal timeline

Today 09:50 Argentina eyes fresh accord with the International Monetary Fund in the first third of next year, with President Milei confident of strong support, both at the Fund and on trade, from incoming US president Donald Trump.

TURBULENCE IN BRAZIL

Brazil market rout risks a crisis as Lula resists austerity push

Today 08:25 As the currency craters in Brazil, thrusting the country’s markets into the international spotlight for the first time in years, a grim reality is setting in for top economic aides to President Luiz Inácio Lula da Silva. They are, they fear, powerless to do much to stop the panic.

MONETARY POLICY

Argentina weighs managed exchange rate once it lifts currency controls

16-12-2024 19:44 President Javier Milei's government is weighing whether to introduce a managed exchange rate regime — a “dirty float” — once it lifts its current foreign exchange controls in 2025.

365 days of Javier Milei

One year in, Milei yet to fulfill key economic campaign promises

09-12-2024 12:53 Dollarisation, the removal of the ‘cepo,’ and the closure of the Central Bank – though he has tamed inflation, President Javier Milei has yet to deliver on key economic promises in his first year in office.

IMF LOAN PROGRAMME

Argentina ‘sure’ of new IMF deal, says it doesn’t depend on Trump

21-11-2024 14:28 IMF spokeswoman Julie Kozack says authorities in Argentina are “exploring the option of moving to a new arrangement” with the multilateral lender to replace its existing US$44-billion loan programme.

IMF CREDIT LINE

Caputo says Argentina in talks with IMF over new deal, fresh funds

23-10-2024 13:58 After being hailed as “finance minister of the year” by a magazine in Washington, Argentina’s Economy Minister Luis Caputo Caputo said talks with the International Monetary Fund over a new agreement that includes fresh funds are underway.

'Shock Therapy'

Clamour for pesos leads banks to tap repo market

23-10-2024 12:47 A surge in demand for local currency in recent months has left Argentina's commercial banks needing access to pesos.

CAPITAL CONTROLS

Why Milei can’t lift currency controls any time soon

16-10-2024 12:15 Argentina has had strict currency controls in place for the past nine out of 13 years. President Javier Milei wants to get rid of them, but for now, he's sticking to the existing regime.

CAPITAL CONTROLS

Government to adopt flexible exchange rate after lifting controls

15-10-2024 23:17 Milei states at conference that government will adopt a “flexible” exchange rate on the peso after it lifts capital controls.

FEATURE

‘Los chachos’: La Rioja launches currency to offset Milei’s shock therapy

03-09-2024 15:48 The remote province of La Rioja has created its own currency, the chacho, as an alternative to the peso to try to revive its moribund economy.

MONETARY POLICY

Argentina overcomes key hurdle impeding end of currency controls

20-07-2024 17:53 Central Bank buys back majority of put options from financial entities, bringing President Javier Milei one step closer to lifting currency controls.

IMF ON ARGENTINA

IMF denies there is ‘specific timetable’ for new Argentina deal

11-07-2024 16:48 Julie Kozack, the Fund's communications director, contradicts claims by Economy Minister Luis Caputo that talks about new financing deal are underway and an agreement could be sealed this year.

POLITICS – ANALYSIS

Milei under pressure for the first time

06-07-2024 05:59 If the doubts regarding Milei’s capacity to preside over Argentina were tied to governability risk, Caputo’s are connected to credibility risk: it’s difficult to see how the current policy framework can be sustainable in time.

by Agustino Fontevecchia

CURRENCY IMPROVISATION

La Rioja Province puts its own ‘quasi-currency’ in circulation

02-07-2024 16:01 New ‘chachos’ enter into circulation, currency honours local caudillo; Provincial Governor Ricardo Quintela announced the plan back in January, which won approval from local legislature a month later.

POLITICS & ECONOMY

Milei says legislative win paves way for monetary policy pivot

28-06-2024 13:56 President Milei says government will change its monetary policy framework following his first major legislative victory.

FOREIGN CURRENCY RESERVES

Milei’s push to rebuild Argentina’s foreign reserves grinds to a halt

26-06-2024 23:36 Argentina's Central Bank is struggling to rebuild its chest of foreign reserves as it starts to spend money in currency markets to defend controls propping up the peso.

CURRENCY SWAP

Central Bank says China currency swap renewed until July 2026

12-06-2024 22:26 Central Bank renews a roughly US$5-billion portion of its currency swap line with the People’s Bank of China for another two years.

CHINA CURRENCY SWAP

IMF expects China to reschedule billions in Argentina’s debt

12-06-2024 11:34 IMF expects China to reschedule payments from the US$18-billion swap line that it has extended to Argentina.

NEW IMF PROGRAMME?

Caputo says Argentina will seek new IMF programme to exit 'cepo'

11-06-2024 12:57 Economy Minister Luis Caputo says President Milei’s government intends to “negotiate a new programme” with the International Monetary Fund that will allow Argentina to remove currency controls.

THIRST FOR CURRENCY

Argentines suddenly need pesos after Milei pitched dollarisation

04-06-2024 08:48 More people in Argentina are now selling some of their dollar savings for pesos to make ends meet than those buying greenbacks – the abrupt revival of demand is an unexpected consequence of President Milei's shock-therapy policies.

OIL & GAS

Oil driller’s 1,400% world-beating rally hinges on Milei reforms

23-05-2024 13:52 Vista Energy boss Miguel Galuccio knows shale. But his plans lie in the hands of President Javier Milei.

Foreign relations & diplomacy

Top officials to meet People's Bank of China chief amid swap talks

26-04-2024 17:20 Argentina’s Central Bank Governor Santiago Bausili and Finance Secretary Pablo Quirno are scheduled to meet with People’s Bank of China Governor Pan Gongsheng in Beijing on Monday.

CURRENCY CONTROLS

Argentina to offer bonds in first step to lift currency controls

26-04-2024 13:33 President Javier Milei's government readying a new instrument to allow companies to send dividends abroad, a first step to lift a cobweb of restrictions in its foreign-exchange market.

BLOOMBERG – ANALYSIS

Milei sparks wild rally that makes peso number one in the world

25-04-2024 15:17 Four months into office, President Javier Milei has pulled off a critical feat in a country long ravaged by runaway inflation: stabilising Argentina's currency.

RELATIONS WITH CHINA

Central Bank chief Bausili among top officials headed to China

18-04-2024 18:02 Top government officials are preparing to visit China in the next few weeks as President Javier Milei ditches his aggressive rhetoric against Beijing in a bid to deepen ties with a key trade partner.

BLOOMBERG INTERVIEW

Milei sees long slog ahead to bring Argentina reforms he pledged

05-04-2024 11:14 While Milei made shutting down the Central Bank and dollarising the economy centrepieces of his political campaign, he acknowledges plans are going to take a lot longer than he expected.

FINANCE

Milei seeks US$15 billion for removal of currency controls

18-03-2024 11:24 President Javier Milei says he would open up restrictions on foreign currency immediately if he has US$15 billion; Money could be provided by the IMF, multilateral bodies, private investors and even “some countries."

ECONOMIC INDICATORS

Argentines put US$2.3 billion into banks, signalling faith in Milei

06-03-2024 11:37 If the trend continues, it would be good news for Argentina’s Central Bank, where a portion of savers’ dollar deposits count toward the foreign reserves needed to stabilise the peso.

Exchange rate woes

Investors bet Argentina crawling peg to speed up to 6% by April

22-02-2024 11:34 Investors see Argentina's crawling peg accelerating to six percent monthly by the start of the second quarter, according to peso futures data.

DOLLARISATION ON THE CARDS?

Milei says Argentina has '85.7% chance of being able to dollarise’

15-02-2024 16:55 Argentina’s libertarian leader claims that neither zero deficit or the shuttering of the Central Bank is up for negotiation and that there is a good chance of dollarisation “at market rate.”

ECONOMIC POLICY

Milei sets June deadline for lifting of capital controls

08-02-2024 06:24 Casa Rosada has a list of conditions required and assures that the dollar can be kept to around 1,000 pesos.

IMF DEBT PROGRAMME

IMF authorises US$4.7 billion loan tranche, says Milei will remove currency controls

01-02-2024 18:25 International Monetary Fund signs off on fresh loan disbursement and reveals Argentina will lift currency controls this year – though it warns political and social unrest may lie ahead.

FINANCE & GOVERNMENT

La Rioja Province government issues its own quasi-currency

17-01-2024 17:30 La Rioja provincial legislature approved printing of new “quasi-currency” alternative to the peso to cover state shortfalls amid austerity cutbacks.

CRYPTOCURRENCIES

Bitcoin a dud in El Salvador, first country to make it legal tender

11-01-2024 13:10 A poll released Wednesday showed that 88% of El Salvadorans did not use bitcoin last year in El Salvador, the first country anywhere to make the cryptocurrency a form of legal tender.

DOLLARISATION ON THE CARDS?

Argentina still plans to dollarise, Milei’s economy chief says

15-12-2023 09:13 “The objective remains the same — to get to dollarisation,” declares Economy Minister Luis Caputo.

BLOOMBERG – ANALYSIS

‘There is no money’: Argentina begins economic shock remedy

13-12-2023 11:41 Measures include 54% peso devaluation, additional 2% a month; Plan seen as step in the right direction, perhaps insufficient by traders.

Presidential handover

Argentina stops banks from hoarding dollars ahead of devaluation

07-12-2023 13:34 Central Bank limits amount of foreign currency the nation’s commercial lenders can hold, in a push to discourage US dollar hoarding ahead of an expected devaluation by president-elect Javier Milei.

DEVALUATION FEARS

Investors bet on 44% peso devaluation after Milei’s debut

06-12-2023 15:05 Investors are preparing for a 44% devaluation of the country’s official exchange rate after Javier Milei’s inauguration.

ECONOMIC POLICY

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.

IMF DEBT DEAL

IMF toughens stance, questions Massa's measures

09-11-2023 19:42 Directors on multilateral lender's board reportedly concerned by dramatic loss of reserves as they toughen criticism of Argentina’s government.

Election 2023

Massa's gradual approach versus Milei's radical plans

24-10-2023 13:58 Presidential candidates, set to face off in a run-off election on November 19, have diametrically opposing views on everything from economic to foreign policies, and most notably on the size and role of the state..

MARKETS

Argentina assets brace for sell-off after Massa forces run-off

23-10-2023 08:17 Investors braced for a sell-off after Economy Minister Sergio Massa did better than forecast in Sunday’s presidential vote, dashing hopes for an outright win by a more market-friendly candidate.

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.

DEVALUATION FEARS

Currency fears stall sales of toilet paper, car parts

19-10-2023 13:19 Some firms suspend sales ahead of Sunday's presidential election; Fears of another devaluation are running high as the October 22 vote nears.

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.

'CEPO' ON WAY OUT?

Baffling Argentina FX rates on borrowed time as election nears

17-10-2023 16:02 The hodgepodge of currency controls put in place in Argentina is likely in its last days.

CURRENCY WOES

Argentina’s black market peso rate tops 1,000 per dollar

10-10-2023 15:10 Argentina’s black market exchange rate hit a record 1,040 pesos per dollar Tuesday, continuing a sharp sell-off before the October 22 presidential election.

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.

FOREIGN EXCHANGE

‘Blue’ dollar soars – parallel exchange rate nears 900/greenback

06-10-2023 16:18 Movement of people and companies trying to dollarise is being felt given the proximity to the presidential election as exchange rate turbulence continues.

News of currency

Milei, Caputo increasing bullish as they outline new IMF deal timeline

Brazil market rout risks a crisis as Lula resists austerity push

Argentina weighs managed exchange rate once it lifts currency controls

One year in, Milei yet to fulfill key economic campaign promises

Argentina ‘sure’ of new IMF deal, says it doesn’t depend on Trump

Caputo says Argentina in talks with IMF over new deal, fresh funds

Clamour for pesos leads banks to tap repo market

Why Milei can’t lift currency controls any time soon

Government to adopt flexible exchange rate after lifting controls

‘Los chachos’: La Rioja launches currency to offset Milei’s shock therapy

Argentina overcomes key hurdle impeding end of currency controls

IMF denies there is ‘specific timetable’ for new Argentina deal

Milei under pressure for the first time

La Rioja Province puts its own ‘quasi-currency’ in circulation

Milei says legislative win paves way for monetary policy pivot

Milei’s push to rebuild Argentina’s foreign reserves grinds to a halt

Central Bank says China currency swap renewed until July 2026

IMF expects China to reschedule billions in Argentina’s debt

Caputo says Argentina will seek new IMF programme to exit 'cepo'

Argentines suddenly need pesos after Milei pitched dollarisation

Oil driller’s 1,400% world-beating rally hinges on Milei reforms

Top officials to meet People's Bank of China chief amid swap talks

Argentina to offer bonds in first step to lift currency controls

Milei sparks wild rally that makes peso number one in the world

Central Bank chief Bausili among top officials headed to China

Milei sees long slog ahead to bring Argentina reforms he pledged

Milei seeks US$15 billion for removal of currency controls

Argentines put US$2.3 billion into banks, signalling faith in Milei

Investors bet Argentina crawling peg to speed up to 6% by April

Milei says Argentina has '85.7% chance of being able to dollarise’

Milei sets June deadline for lifting of capital controls

IMF authorises US$4.7 billion loan tranche, says Milei will remove currency controls

La Rioja Province government issues its own quasi-currency

Bitcoin a dud in El Salvador, first country to make it legal tender

Argentina still plans to dollarise, Milei’s economy chief says

‘There is no money’: Argentina begins economic shock remedy

Argentina stops banks from hoarding dollars ahead of devaluation

Investors bet on 44% peso devaluation after Milei’s debut

Dollarisation is medium-term goal, Luis Caputo tells bankers

IMF toughens stance, questions Massa's measures

Massa's gradual approach versus Milei's radical plans

Argentina assets brace for sell-off after Massa forces run-off

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

Recession, inflation, devaluation: Economic troubles in 5 charts

Currency fears stall sales of toilet paper, car parts

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

Baffling Argentina FX rates on borrowed time as election nears

Argentina’s black market peso rate tops 1,000 per dollar

Central Bank likely to hold rate despite inflation spike

‘Blue’ dollar soars – parallel exchange rate nears 900/greenback

Two killed as private jet overshoots runway in San Fernando

Argentina working with banks to expanding dollar lending

Creditors agree to debt rework with Buenos Aires metro company

Comodoro Py asks Milei to declassify SIDE files for Nisman death probe

Hotesur-Los Sauces: Supreme Court confirms trial for Cristina Fernández de Kirchner

Damián Di Pace: "Si sigue bajando el Riesgo País, van a entrar muchos dólares por la cuenta financiera"

Coria Lahoz: “Alrededor del 58% de la población urbana se encuentra por debajo de la línea de la pobreza"

Acuerdo de Libre Comercio con EEUU: aseguran que “Trump está en otra onda muy distinta a la de Milei”

Tras el anuncio de Trenes Argentinos, Milei despide a casi 2.400 empleados del Ministerio de Justicia

Patricia Bullrich anunció la vuelta del Servicio Cívico para jóvenes de 18 a 24 años que no estudian ni trabajan