News of peso

Argentina investors cheer Milei victory, brace for peso sell-off

20-11-2023 00:37 Investors cheered libertarian economist Javier Milei’s bigger-than-expected win in Sunday’s presidential vote and his pledge to usher in a radical remake of South America’s second-largest economy.

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.

Election 2023 preview

Inflation raging at 130% is pushing Argentina down a radical path

19-10-2023 20:55 Presidential candidate Javier Milei is winning over voters with promises to revive what was once one of the world’s wealthiest nations.

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.

Currency woes

A US$500-million cash pile at Argentina’s main airport unnerves banks

19-10-2023 00:06 Banks have seen a sharp increase in dollar withdrawals at their branches ahead of the election. Forced to import cash to meet the surge in demand, a government move meant to stem “irregularities” in foreign trade has compounded concerns.

ELECTION 2023

Debt, inflation and the peso: Argentina's election worries

17-10-2023 12:27 As Argentines head to the polls on October 22 for a crucial presidential election, candidates have campaigned hard on proposed elixirs for the country's economic ills.

EDITORIAL

We’ve got the blues again

14-10-2023 05:20 Regardless of whether Milei is an economic terrorist or whether the government is the architect of its own destruction, the problems caused by the extreme volatility of this week’s four-digit dollar are all too real with panic price increases across the board.

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.

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.

Dollarisation proposal

Peru’s Velarde says Argentines should be free to choose currency

06-10-2023 14:03 Julio Velarde, Latin America’s longest-serving central bank chief, says "people should choose what currency they want to keep their money in."

Bloomberg

Peso tumbles with dollarisation rush amping up before vote

05-10-2023 17:25 Argentina’s peso is tumbling as Argentines rush to exchange pesos for dollars ahead of presidential elections later this month, posting its worst losses since an August sell-off.

DIGITAL CURRENCIES

Massa’s ‘digital peso’ – what’s the proposal and how would it work?

04-10-2023 16:05 Sergio Massa, Argentina's economy minister and presidential candidate for Unión por la Patria, has announced that he will implement a digital Argentine currency if elected. The proposal is based on a bill that first emerged in 2019 – but what does it say?

THIRST FOR DOLLARS

Argentines’ love of dollars creates a windfall for local brokers

02-10-2023 16:53 Argentina’s economic disaster has sent inflation soaring and pushed poverty levels toward a 15-year high. But for local brokerages, the chaos has fuelled a boom unlike anything industry veterans can remember.

Election 2023

Bullrich adviser says dollar, peso will co-exist in Argentina

26-09-2023 23:54 “The peso and the dollar will coexist” if Patricia Bullrich is elected as president, says Carlos Melconian.

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.

CROSS-BORDER SHOPPING

Border-crossing Uruguayans enjoy bargain shopping in Argentina

11-09-2023 07:42 Faced with the constant devaluation of Argentina's peso, thousands of Uruguayans cross bridges to the neighbouring country every day to take advantage of cheaper goods and services.

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.

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.

THIRST FOR DOLLARS

Inflation at 100% has Argentines demanding pay in US dollars

23-08-2023 14:12 The use of the dollar, while hardly new in Argentina, is exploding across the country today as inflation soars and destroys the value of the peso.

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.

THIRST FOR DOLLARS

A guide to Argentina’s many exchange rates

10-08-2023 08:44 Anxiety is showing in markets just days before a key primary vote that will decide who are the candidates for the October 22 election.

Bloomberg

Massa wins Greylock’s blessing in bid to save Argentina's economy

09-08-2023 14:52 Argentina’s inflation surged under Massa – Greylock sees him as best to save the economy.

Economy

Argentina's public debt reaches a new record above US$400 billion

19-07-2023 18:33 In June, public debt increased by almost US$ 5 billion to US$ 400 billion. Specialists have conducted analyses on sustainability.

Economy

Fernández rejects devaluation rumours, asks Massa to stay until year-end

19-07-2023 13:22 Argentina's President Alberto Fernandez cautioned against a sharp currency devaluation due to the country's dollar shortage, while concerns of hyperinflation ahead of the upcoming elections.

BLOOMBERG - ANALYSIS

Dollars are so scarce in Argentina that yuan use is at a record

26-06-2023 13:46 Yuan’s share of forex transactions hit record 28% this month; Dollars in short supply amid surging inflation, crop failures.

DEBT SWAP

Government hails ‘historic’ seven-trillion-peso debt swap

09-06-2023 20:47 Just under 78 percent of creditors sign up to voluntary debt swap, a measure President Alberto Fernández’s administration described as “very successful.”

SWIFTIES UNITE!

Taylor Swift Argentina tickets are a bargain with inflation over 100%

02-06-2023 22:15 Taylor Swift tickets may cost a fortune in the United States, but in Argentina her concerts become a world-class bargain.

BEIJING & BUENOS AIRES

Argentina renews China currency swap deal to strengthen reserves

02-06-2023 16:39 Government renews three-year currency swap line with China in bid to boost Central Bank reserves.

CURRENCY WOES

In distorted Buenos Aires rental market, it's dollar vs peso

02-06-2023 10:15 Renting in pesos and on a long-term basis is a titanic task in the capital, where temporary and dollar-denominated supply dominates the market.

BILLS, BILLS, BILLS

Central Bank finally puts 2,000-peso bill into circulation

23-05-2023 12:53 Argentina begins circulating new higher denomination banknote as consumer prices continue to surge; New bill worth just US$8.50 at official rate and close to US$4 on parallel markets.

ECONOMY

Argentina introduces 2,000-peso banknote

22-05-2023 21:22 Argentina introduces largest-denomination banknote; New 2,000-peso bill put into circulation by Central Bank valued at around US$4 on parallel market and US$8.50 at official rate.

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

Argentina is going broke to stall a full-on currency collapse

10-05-2023 15:25 Battle to prevent peso from facing a total meltdown is leaving the Central Bank, by some estimates, broke.

ECONOMIC INDICATORS

Argentines pulled US$1 billion from bank accounts in April rush

05-05-2023 13:31 Citizens across the country withdrew over US$1 billion of US dollar deposits from the banking system from late March to the end of April amid rumours of currency devaluation in official exchange rate.

CURRENCY WOES

Chileans, Uruguayans cross border to take advantage of low prices

04-05-2023 18:27 Citizens from neighbouring countries cross borders to go shopping; Increased visitor numbers seen in Mendoza, Río Negro and Entre Ríos as day-trippers cash in on currency woes.

CAMPAIGN COMMENTS

Out of the pink (house) and into the blue

29-04-2023 06:55 In a country where the urgent almost invariably displaces the important, Alberto Fernández’s premature entry into “lame duck” status has had immediate consequences.

by Michael Soltys

EDITORIAL

Bucking the trend or a new weight for the peso?

29-04-2023 05:41 The giddy oscillations of parallel exchange rates and the relentless acceleration of prices are moving too fast to leave any margin for gradualism, thus making shock treatment inevitable.

BLOOMBERG – FEATURE

Argentina cracks as peso plunge raises risk of messy devaluation

28-04-2023 12:39 Argentina is moving closer to a breaking point as the government’s desperate measures fail to halt a plunge in the peso, raising the risk of a currency devaluation.

BLOOMBERG - ANALYSIS

Argentina slams on the brakes, keeps foot on accelerator

27-04-2023 23:10 Argentina's Central Bank just raised its rate by 1,000 basis points. What appears to be a sharp brake is too little too late. And it won't save the peso.

MORE MEASURES FROM MASSA

Argentina to pay for Chinese imports in yuan instead of dollars

27-04-2023 00:16 Economy Minister Sergio Massa activates plan to boost dwindling reserves and agrees deal with Beijing that will allow Argentina to pay for Chinese imports in yuan instead of US dollars.