Weekly

Weekly Reports

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...

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...