News of foreign exchange

Argentina isn't ready to lift currency controls, says Milei

10-10-2024 07:47 President says imposing a schedule for the removal of the “cepo” would be to act as a “central planner,” which goes against his ideology.

IMF TALKS?

Argentina: No ‘formal’ talks with IMF over fresh funds

10-07-2024 18:18 Presidential spokesman Manuel Adorni says that “there are talks” ongoing but that no “formal negotiations” over a specific funding programme to help the nation remove currency controls are ongoing.

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.

CEPO NO MORE?

Milei attacks ‘loudmouth’ critics as he denies peso-dollar lag

15-05-2024 16:31 President attacks "loudmouth" economists critical of his exchange rate policy, defends economic programme and says Argentina is "very close" to removing currency controls.

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.

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."

FOCUS ON VENEZUELA

Venezuela calls in oil debt it once traded away for literal beans

26-02-2024 10:56 Impoverished and desperate for cash, Venezuela is trying to collect old debts from the Petrocaribe oil exchange programme.

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.

POLITICAL AND FINANCIAL UNREST

Recriminations fly as peso flounders ahead of vote

11-10-2023 21:55 President Alberto Fernández files a criminal complaint for "public intimidation" against Javier Milei, blaming the libertarian for the peso's weakening on informal markets.

Election 2023

President denounces Milei for fuelling run on currency

11-10-2023 21:39 President Alberto Fernández confirms he has reported La Libertad Avanza leader Javier Milei and libertarian City mayoral candidate Ramiro Marra to authorities for prompting run on currency.

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.

TRADE WOES

Record trading debt: SMEs at risk of default

23-09-2023 05:13 Import debt has reached US$38 billion. Argentina’s small and medium-sized businesses (SMEs or PyMEs) face an increasing number of difficulties in paying suppliers due to restrictions to access the foreign exchange market.

by Ludmila Di Grande

BLOOMBERG - OPINION

Eduardo Porter: Argentina's dollarisation is a dangerous delusion

06-09-2023 11:08 Instead of hoping for a deus ex machina to restore macroeconomic stability, Argentines should strive for political institutions that reach the agreements every healthy economy needs.

BUENOS AIRES & BEIJING

China allows Argentina to spend up to US$10 billion of currency swap line

02-06-2023 13:20 Chinese officials approve Argentina tapping up to 70 billion yuan (US$9.89 billion) of currency swap line, double the previous limit, according to a Central Bank statement.

CURRENCY SWAP

Argentina seeks bigger China swap line to prevent peso sell-off

24-05-2023 10:48 Argentina’s government is asking China for an expansion of its bilateral currency swap in yuan as it seeks to build up reserves.

BLOOMBERG - ANALYSIS

JP Spinetto: Argentina’s problem is economic malpractice, not the peso

17-05-2023 09:24 Dollarisation won’t bring much-needed stability to South America’s second-largest economy.

BLOOMBERG – ANALYSIS

Central banks use record amount of yuan via PBOC swaps

16-05-2023 10:59 Global central banks tapped a record amount of the Chinese currency in foreign-exchange swap lines in the first quarter, in another indication of the yuan’s growing international status.

DOLLARS & RESERVES

Government's bid to bring in dollars stumbles as peso falls faster

20-04-2023 15:09 Soybean exporters, who are temporarily allowed to sell dollars at a rate of 300 pesos per dollar compared to the official rate at 218, didn’t sell a single greenback Wednesday – the first day of no sales since the policy kicked in.

ENERGY

Vaca Muerta: Government's ace in the hole against energy price hikes

01-02-2023 10:37 Upward inflationary trend in first three months of year set to continue with further increases in utility prices on the way. But the government is banking on Vaca Muerta and the Néstor Kirchner gas pipeline continuing to pay off.