Weekly

From China With Love (And Future Issues)

First week

of June 2023

Minister Massa can claim victory, at least for now. After a weak start in terms of announcements, today the Central Bank confirmed that it renewed the swap with the Central Bank of China and that this entity will allow Argentina to access another 5 billion dollars to finance imports from that country. This increases...

One more restriction and going…

Fourth week

of May 2023

On Tuesday afternoon, the National Securities Commission (CNV) published new restrictions for those who buy MEP dollar. It is the umpteenth time that the authorities seek for various reasons to make buying the market dollar less attractive. In fact, what is often called the free dollar is far from it. Importers cann...

Dollar Purchases Returned, but Reserves Did Not

Third week

of May 2023

The measures launched by the government at the beginning of last week do not have the magnitude to change the course of events. To a large extent, it was staged to show the market that the government is at work. Neither we nor any of our colleagues that we know of have lowered their inflation estimate for the coming...

There are no solutions to so many problems

Second week

of May 2023

The Finance Minister was extremely eloquent last Thursday in Navarro about the possibility of continuing to endure problems. The recipient of the message was his own party, to whom he asks for calmness and power to decide. From the economic side we couldn't agree more: the situation is extremely critical. At this po...

Hunting for Reserves

First week

of May 2023

The Central Bank was a net seller in the FX market for seven consecutive rounds until last Thursday. Not only are we at the time of year when reserves should be accumulated, but a preferential exchange rate is also in effect so that soybean and sunflower producers and a series of regional economies can liquidate at ...

Jumps in the FX Market, Easy and Difficult Solutions

Fourth week

of April 2023

Last week was a roller coaster. After the previous week's lukewarm rate hike and a lot of political uncertainty, the dollar reached almost 500 pesos. The Central Bank finally stood for itself, came out of its tepidity, and hit the policy rate with a 10-point kick, to which are added the 3 points from the previous we...

Higher Rates, Higher Dollar, More FX Restrictions in a Very Fragile Economy

Third week

of April 2023

The Central Bank raised the monetary policy rate by 300 basis points and raised the repos and the minimum fixed term rate. The move went almost unnoticed. Perhaps because it was relatively low and because the Central Bank continues to run inflation behind with a rate of 6.75% per month, below what appears to be the ...

A New Dynamic

Second week

of April 2023

March’s 7.7% inflation print was not only slightly higher than what Econviews and the rest of the market expected, but a shock to the system. It was a strong blow to the government's policy and strategy. This number will not be innocuous for Sergio Massa's shares in the Frente de Todos board. But this transcends pol...

New FX Rates: Under Pressure

First week

of April 2023

The Ministry of Economy’s announcements weren’t much of a surprise. A third version of the preferential exchange rate for soybean exporters, now including a series of regional products which weren’t present in versions I and II. In any case, the sum of these extra products is less than the total number that will com...

Poverty Is Also a Macroeconomic Problem

Fifth week

of March 2023

The fact that 39.2% of Argentines are poor, that is, 18 million people, was expected by the market, but is no less alarming for that. It is shameful to see that more than 50% of children are below the poverty line. These numbers correspond to the second half of last year, when the economy grew 1% compared to the fir...

Weekly Reports

From China With Love (And Future Issues)

From China With Love (And Future Issues)

One more restriction and going…

One more restriction and going…

Dollar Purchases Returned, but Reserves Did Not

Dollar Purchases Returned, but Reserves Did Not

There are no solutions to so many problems

There are no solutions to so many problems

Hunting for Reserves

Hunting for Reserves

Jumps in the FX Market, Easy and Difficult Solutions

Jumps in the FX Market, Easy and Difficult Solutions

Higher Rates, Higher Dollar, More FX Restrictions in a Very Fragile Economy

Higher Rates, Higher Dollar, More FX Restrictions in a Very Fragile Economy

A New Dynamic

A New Dynamic

New FX Rates: Under Pressure

New FX Rates: Under Pressure

Poverty Is Also a Macroeconomic Problem

Poverty Is Also a Macroeconomic Problem

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