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☆ Argentina hikes taxes on dollar savings and bank card purchases ahead of Milei taking power
▼ + stars: | 2023-11-23 | by ( ) www.reuters.com time to read: +1 min

A one hundred Argentine peso bill sits on top of several one hundred U.S. dollar bills in this illustration picture taken October 17, 2022. The change means that Argentines using dollar credit cards or buying foreign currency for savings will pay rates closer to those in alternative markets. This change comes after libertarian Milei, who proposes dollarizing Argentina's economy and eliminating the central bank, defeated the Peronist Economy Minister Sergio Massa in a presidential run-off on Sunday. To safeguard its limited foreign currency, Argentina set multiple exchange rates under strict controls in 2019. Reporting by Walter Bianchi; Writing by Natalia Siniawski; Edited by Eliana Raszewski and Marguerita ChoyOur Standards: The Thomson Reuters Trust Principles.

Persons: Agustin Marcarian, Javier Milei, Milei, Sergio Massa, Walter Bianchi, Natalia Siniawski, Eliana Raszewski, Marguerita Choy Organizations: Argentine, REUTERS, Peronist Economy, Thomson Locations: Argentina, Argentine

Milei's dollar plans, however, put pressure on the embattled peso currency, which is held in check by strict capital controls. The official exchange rate is near 350 per dollar, but dollars trade well over twice that in popular parallel markets. Milei said in the run-up to the election he wanted to ditch the peso altogether in favour of the dollar. Milei had also heavily criticised China and Brazil in the runup to the elections, two of Argentina's main trading partners. China said on Tuesday it would be a "serious mistake" if Milei opted to cut ties between the two countries.

Persons: dollarization, Javier Milei, Miel, Milei, Morgan Stanley's, Viktor Szabo, Banks, Banks Grupo Supervielle, Marc Jones, Elizabeth Howcroft, Mayur Kamdar, Karin Strohecker, Bernadette Baum, Emelia Organizations: Argentina, Abrdn, U.S ., Banks Grupo, Banco, Banco BBVA Argentina, Grupo Financiero, Thomson Locations: BUENOS AIRES, MERV, London, Argentina, U.S, Grupo Financiero Galicia, China, Brazil

The South American country's markets are closed on Monday for a local holiday, so will only fully trade on Tuesday. Overseas-listed sovereign bonds and some equities will trade, mainly in Europe and the United States. In his first speech Milei pledged speedy reforms to fix an economy mired in crisis. If Milei can convince the market that the chainsaw (fiscal discipline) is the heart and soul of his presidency then bonds rally," he said. But he still faces a divided Congress where his Liberty Advances bloc only has a small share of seats.

Persons: Javier Milei's, Sergio Massa, Juan Manuel Pazos, Milei, Mauricio Macri, Patricia Bullrich, Martin Castellano, Walter Stoeppelwerth, Gletir, Gustavo Ber, Jorgelina, Walter Bianchi, Jorge Otaola, Christopher Cushing Organizations: Peronist, FX, Institute of International Finance, Liberty, Thomson Locations: BUENOS AIRES, Argentine, American, Europe, United States, Buenos Aires, Rosario

☆ Argentina fuel firms aim to normalize supply after disruptions
▼ + stars: | 2023-11-01 | by ( ) www.reuters.com time to read: +1 min

Oil pump jacks are seen at the Vaca Muerta shale oil and gas deposit in the Patagonian province of Neuquen, Argentina, January 21, 2019. REUTERS/Agustin Marcarian/File Photo Acquire Licensing RightsBUENOS AIRES, Oct 31 (Reuters) - Argentina's oil refiners and producers aim to normalize supplies of motor fuels across the South American country, companies in the sector said on Tuesday, following recent disruptions to gasoline and diesel sales. Scarce supplies have forced many motorists to wait in long lines to fill up gas tanks, with some service stations rationing how much individuals could buy. A fleet of more than 4,000 trucks have increased available fuel supplies by between 10-15%, with fuel supplies also benefiting from the arrival of five tanker ships with another two on the way, according to the statement from the biggest refiners and oil producers. Also on Tuesday, the main oil workers union at Vaca Muerta, Argentina's sprawling shale oil and gas formation, said it would for now suspend a strike that had been called for Wednesday.

Persons: Agustin Marcarian, Vaca Muerta, Walter Bianchi, Miral Organizations: REUTERS, YPF, Thomson Locations: Vaca, Patagonian, Neuquen, Argentina, BUENOS AIRES, American

☆ Argentina says fuel shortages should ease soon, imports arriving
▼ + stars: | 2023-10-28 | by ( ) www.reuters.com time to read: +2 min

Flavia Royon, Argentina's Secretary of Energy, poses for a portrait during the CERAWeek energy conference in Houston, Texas, U.S., March 8, 2023. Ten fuel shipments imported by the government are beginning to arrive, although distribution may take a few days, Energy Secretary Flavia Royon told a local radio station, noting that there would be no abrupt price increases. Royon attributed the shortage in part to tourism during a long weekend and rumors of possible price increases following the Oct. 22 presidential election. Argentine refineries supply 80% of the local market while the rest comes from fuel imports. Among the factors causing the shortage, the companies cited high demand, the presidential elections, the beginning of crop planting and a higher than usual dependence on imports.

Persons: Flavia Royon, Callaghan O'Hare, Lucila Sigal, Walter Bianchi, Daina Beth Solomon, David Gregorio Our Organizations: Energy, REUTERS, Argentine, Axion Energy, Thomson Locations: Argentina's, Houston , Texas, U.S, BUENOS AIRES

Argentina's presidential candidate Sergio Massa addresses supporters, as he reacts to the results of the presidential election, Argentina October 22, 2023. Bonds have also been slipping, while the stock market - seen as a relative safe haven for local investors - has been jittery. A local market operator, who asked not to be named, agreed there would likely not be a big market slide on Monday. "I believe the market will open downwards but there will be a floor at which there would be some demand," he said. Reporting by Jorge Otaola and Walter Bianchi; Editing by Adam Jourdan and Shri NavaratnamOur Standards: The Thomson Reuters Trust Principles.

Persons: Sergio Massa, Mariana Nedelcu, Javier Milei, Salvador Vielli, Vielli, Bonds, Patricia Bullrich, Roberto Geretto, Adcap, Milei, Jorge Otaola, Walter Bianchi, Adam Jourdan Organizations: REUTERS, Peronist Economy, Massa, Thomson Locations: Argentina, BUENOS AIRES, Milei

☆ Argentina retail prices to maintain double-digit rise in September - Reuters poll
▼ + stars: | 2023-10-11 | by ( ) www.reuters.com time to read: +2 min

The consumer price index (CPI) rose 12.4% in August, while annual inflation topped 124% in the month. "September marks the second consecutive month with double-digit inflation," said Eugenio Mari, chief economist at the Libertad y Progreso Foundation. The projections among the analysts surveyed ranged from a minimum rise of 10.7% to a maximum of 13.8% for September. However, economist Martin Kalos estimated that September's inflation figure "is similar to that of August. The official statistics institute INDEC will publish September's inflation data on Thursday at 1900 GMT, while the central bank will release its Market Expectations Survey (REM) shortly after.

Persons: Ernesto Acuna, Agustin Marcarian, Eugenio Mari, Paula Gandara, Martin Kalos, There's, Walter Bianchi, Jorge Otaola, Jonathan Oatis Organizations: REUTERS, Libertad y Progreso Foundation, Adcap Asset Management, Economic Policy, Economy Ministry, Thomson Locations: Buenos Aires, Argentina, BUENOS AIRES

☆ Argentina retail prices to maintain double-digit rise in September, Reuters poll shows
▼ + stars: | 2023-10-10 | by ( ) www.reuters.com time to read: +2 min

☆ Argentine peso descent quickens, hits new record low
▼ + stars: | 2023-10-10 | by ( ) www.reuters.com time to read: +2 min

A one hundred Argentine peso bill sits on top of several one hundred U.S. dollar bills in this illustration picture taken October 17, 2022. Since the primary vote, the currency has shed 44% of its value. "Everything is working against the peso because basically nobody wants to deal with them," a capital bank manager with business in Argentina said on condition on anonymity. "So it doesn't matter what you pay for a dollar, the objective is to dollarize before the elections and wait to see who becomes president." Reporting by Jorge Otaola and Walter Bianchi; Editing by David Alire Garcia and Richard ChangOur Standards: The Thomson Reuters Trust Principles.

Persons: Agustin Marcarian, Alberto Fernandez, Javier Milei, Salvador Vitelli, Jorge Otaola, Walter Bianchi, David Alire Garcia, Richard Chang Organizations: Argentine, REUTERS, Thomson Locations: BUENOS AIRES, Argentina

☆ Argentina presidential candidates trade barbs in first debate
▼ + stars: | 2023-10-02 | by ( Walter Bianchi | ) www.reuters.com time to read: +2 min

[1/3] Argentina Presidential candidate Sergio Massa of Union por la Patria party attends the presidential debate ahead of the October 22 general elections, at the National University of Santiago del Estero, in Santiago del Estero, Argentina October 1, 2023. Under Argentine law, two mandatory debates have to be held before the 22 October presidential election, where Argentine voters will be presented with radically different visions for the future. With growing skepticism among voters, the debate on economy, education, human rights and "democratic coexistence" took place with a pre-established format and strict rules that allowed little time for candidates to elaborate their points. On education, all candidates supported public education and on human rights they maintained their differences on the recent history of Argentina. The second debate addressing security, work and "human development, housing and environmental protection" will be held next Sunday in Buenos Aires.

Persons: Sergio Massa, Tomas Cuesta, Javier Milei, Milei, Massa, Patricia Bullrich, Drazen Jorgic Organizations: Argentina Presidential, por la Patria, National University of Santiago, REUTERS Acquire, Argentine, Thomson Locations: National University of Santiago del Estero, Santiago del Estero, Argentina, BUENOS AIRES, Italy, France, Germany, United States, Buenos Aires, Lincoln

☆ Argentina's Lower House Passes Bill to Reduce Taxes on Wealthy
▼ + stars: | 2023-09-19 | by ( Sept. | At P.M. | ) www.usnews.com time to read: +1 min

BUENOS AIRES (Reuters) - Argentina's lower house on Tuesday passed a government-backed bill to cut taxes on high-income earners, a move that would erase about one trillion pesos ($2.8 billion) from state coffers in 2023, according to official estimates. The bill, which must now go through the Senate, passed with 135 votes in favor and 103 against. "Salaries are not profit," Economy Minister and presidential candidate Sergio Massa wrote on social media platform X following the vote. Opposition lawmakers blasted the move, saying the proposed tax cut aims to benefit Massa's presidential run for the October election. The South American nation is grappling with triple-digit annual inflation, with analysts polled by the central bank setting it at 169.3% at the end of the year.

Persons: Sergio Massa, Javier Milei, Milei, Eliana Raszewski, Juan Bustamante, Walter Bianchi, Valentine Hilaire, Sonali Paul Organizations: BUENOS AIRES, Reuters Locations: BUENOS

Each day things costs a little more, it's like always racing against the clock, searching and searching," said Laura Celiz as she shopped for groceries in Tapiales on the outskirts of Buenos Aires. "You buy whatever is cheaper in one place and go to the next place and buy something else." "In this way we try to beat inflation or at least compete with it a little," he added. "While the rest of the Latin American countries have single-digit inflation, Argentina is already in triple-digits." "People are angry and have every right to be because they can't afford to buy a kilo of meat."

Persons: Matias Baglietto, Laura Celiz, Fernando Cabrera, Javier Milei, Sergio Massa, Patricia Bullrich, Damian Di Pace, Massa, Butcher Marcelo Capobianco, Capobianco, Miguel Lo Bianco, Jorge Otaola, Claudia Martini, Walter Bianchi, Hernan Nessi, Lucila Sigal, Nicolás Misculin, Adam Jourdan, Chizu Nomiyama, Sandra Maler Organizations: Mercado Central, REUTERS, International Monetary Fund, Reuters Graphics Reuters, IMF, Business, Thomson Locations: Buenos Aires, Argentina, BUENOS AIRES, Tapiales, Olivos

Persons: Matias Baglietto, Laura Celiz, Fernando Cabrera, Javier Milei, Sergio Massa, Patricia Bullrich, Damián Di Pace, Butcher Marcelo Capobianco, Capobianco, Miguel Lo Bianco, Jorge Otaola, Claudia Martini, Walter Bianchi, Hernan Nessi, Lucila Sigal, Nicolás Misculin, Adam Jourdan, Chizu Organizations: Mercado Central, REUTERS, International Monetary Fund, Reuters Graphics Reuters, Thomson Locations: Buenos Aires, Argentina, BUENOS AIRES, Tapiales, Olivos

A one hundred Argentine peso bill sits on top of several one hundred U.S. dollar bills in this illustration picture taken October 17, 2022. The Sunday primary vote saw outsider candidate Javier Milei, who has pledged to dollarize the economy and eventually scrap the central bank, win the largest share of the vote. Analyst Salvador Vitelli, however, said that despite the new measures a further devaluation was expected, even after the central bank pegged the official exchange rate at 350 pesos per dollar until the election. "The market does not seem to believe that they will be able to maintain the exchange rate until October," he said. Reporting by Walter Bianchi, Jorge Otaola and Lucinda Elliott; Editing by Jamie FreedOur Standards: The Thomson Reuters Trust Principles.

Persons: Agustin Marcarian, Gustavo Ber, Javier Milei, Salvador Vitelli, Milei, Patricia Bullrich, Sergio Massa, Milei's dollarization, Peter West, Walter Bianchi, Jorge Otaola, Lucinda Elliott, Jamie Freed Organizations: Argentine, REUTERS, Reuters Graphics Reuters, Peronist, Economy, Monetary Fund, Sovereign, Thomson Locations: BUENOS AIRES, MERV

☆ Argentina raises interest rate, devalues peso after shock primary election -official source
▼ + stars: | 2023-08-14 | by ( ) www.reuters.com time to read: +1 min

A one hundred Argentine peso bill sits on top of several one hundred U.S. dollar bills in this illustration picture taken October 17, 2022. REUTERS/Agustin Marcarian/Illustration/File PhotoBUENOS AIRES, Aug 14 (Reuters) - Argentina's central bank will raise the benchmark interest rate to 118% from 97% previously, an official source said Monday, adding the country's currency will be devalued to 350 pesos per dollar in the aftermath of a shock primary election. The official peso plunged nearly 18% on Monday morning to just over 350 pesos per dollar and the source said the exchange would be fixed at this rate until the October presidential vote. Latin America's third-biggest economy is battling a severe economic crisis with sky-high inflation and dwindling central bank reserves. Reporting by Walter Bianchi, Jorge Otaola and Adam Jourdan; Editing by Anthony EspositoOur Standards: The Thomson Reuters Trust Principles.

Persons: Agustin Marcarian, Sunday's, Javier Milei, Walter Bianchi, Jorge Otaola, Adam Jourdan, Anthony Esposito Organizations: Argentine, REUTERS, Thomson Locations: BUENOS AIRES

A man wearing a face mask as a protective measure against the coronavirus disease (COVID-19) walks past the entrance of the Buenos Aires Stock Exchange, a day after midterm primary elections, in Buenos Aires, Argentina September 13, 2021. The primary, which unusually is an obligatory nationwide vote, defines internal leadership battles and acts as a dry run for the general election. The primary vote four years ago delivered a shock landslide defeat to the government of conservative then-President Mauricio Macri, sparking a crash in bonds, equities and the peso currency that Argentina has yet to fully recover from. Ex-security tsar Patricia Bullrich and Buenos Aires city Mayor Horacio Larreta are vying to lead the opposition, and Economy Minister Sergio Massa is a unity candidate for the Peronists. The country's S&P Merval (.MERV) stock market index, meanwhile, has been soaring, seen as a safe haven for local investors and a refuge from the damaging impact of inflation.

Persons: Agustin Marcarian, Mauricio Macri, it's, Mauro Natalucci, Rava Bursátil, Patricia Bullrich, Horacio Larreta, Sergio Massa, Javier Milei, Jorge Otaola, Walter Bianchi, Adam Jourdan, Cynthia Osterman Organizations: Buenos Aires Stock Exchange, REUTERS, Peronist, Reuters Graphics Reuters, Argentine, SBS Group, International Monetary Fund, Thomson Locations: Buenos Aires, Argentina, BUENOS AIRES, MERV

☆ Argentina to make $1.9 bln payment to IMF as scheduled - econ min source
▼ + stars: | 2023-06-21 | by ( ) www.reuters.com time to read: +1 min

BUENOS AIRES, June 21 (Reuters) - Argentina will make scheduled payments totaling some $1.9 billion to the International Monetary Fund (IMF) on Wednesday, an economy ministry source said. Argentina has $2.7 billion due to the fund this month alone. The government hopes to bring forward over $10 billion in IMF disbursements this year, though has been reluctant to agree to tough austerity measures as the next general elections scheduled for October approach. Economy Minister Sergio Massa is set to travel to Washington once an agreement to ease economic targets is drafted with IMF officials. Reporting by Jorge Otaola and Walter Bianchi; Editing by Conor HumphriesOur Standards: The Thomson Reuters Trust Principles.

Persons: Sergio Massa, Jorge Otaola, Walter Bianchi, Conor Humphries Organizations: International Monetary Fund, IMF, Thomson Locations: BUENOS AIRES, Argentina, Washington

BUENOS AIRES/NEW YORK, June 18 (Reuters) - Argentina and the International Monetary Fund (IMF) have a $44 billion dilemma, with the two sides set to meet for crunch talks to revamp the country's huge, wobbling debt deal, key to avoiding default on billions in looming debt payments. Economy Minister Sergio Massa is expected in Washington as early as this week to try to unlock talks to accelerate IMF disbursements and ease economic targets attached to the deal, with investors and traders watching closely. "The fund knows that Argentina is a problem, it is its main debtor, but it seems to me that the negotiation has stagnated. Reuters Graphics'DAMAGE CONTROL'The government is hoping to bring forward over $10 billion in IMF disbursements scheduled for this year, though is reluctant to agree to tough austerity measures with an eye on October general elections where it faces likely defeat. "Investors are paying real attention to signs from the IMF negotiations," said economist Gustavo Ber.

Persons: Sergio Massa, Ricardo Delgado, Massa, Hugo Godoy, Gustavo Ber, Walter Bianchi, Rodrigo Campos, Adam Jourdan, Daniel Wallis Organizations: BUENOS AIRES, International Monetary Fund, Economy, IMF, Reuters Graphics, Reuters, Institute of International Finance, Reuters Graphics Reuters, Thomson Locations: BUENOS, Argentina, Washington, Argentine, Buenos Aires, China

☆ Argentina's Kirchner says she won't run for president, slams IMF
▼ + stars: | 2023-05-17 | by ( ) www.reuters.com time to read: +1 min

BUENOS AIRES, May 16 (Reuters) - Argentine Vice President Cristina Fernandez de Kirchner said on Tuesday she will not run for president in the elections scheduled for October, claiming that the country's judicial system would disqualify her after her high-profile corruption case. In a post on her blog, Fernandez de Kirchner, who served as president for two terms between 2007 and 2015, said she would not enter into a "perverse game" or a "democratic facade" that would result in the judicial system disqualifying her. Late last year, Fernandez de Kirchner - who commands rock-star crowds of supporters - was sentenced to six years in jail on corruption charges, disqualifying her from holding public office. The ruling Peronist government of President Alberto Fernandez is facing a tough battle to fend off a challenge from the conservative opposition in the 2023 election. In her blog, Fernandez de Kirchner also harshly criticized the International Monetary Fund, with which the country has a $44 billion loan deal, blaming it of "accelerating" Argentina's inflation, which topped 109% in April.

☆ Argentina raises economic defenses against inflation 'onslaught'
▼ + stars: | 2023-05-15 | by ( Walter Bianchi | ) www.reuters.com time to read: +3 min

BUENOS AIRES, May 15 (Reuters) - Argentina's government is bolstering its economic defenses as it battles runaway inflation that hit 109% in April, fast draining central bank foreign currency reserves, a weakening peso and simmering market fears of a sharp-shock devaluation. The economy ministry announced a package of measures on Sunday including new interest rate hikes, more central bank intervention in currency markets and fast-tracked deals with creditors after inflation overshot all forecasts last week. Investment bank J.P. Morgan said an "onslaught of inflation" had forced the government to take "emergency measures". That's created a dilemma for the government: how to tame inflation and avoid a crash in the currency, while protecting the scarce foreign currency reserves in the bank. "If the BCRA (central bank) speeds up a devaluation, it will be adding more gasoline to the fire.

☆ Argentina to pay for Chinese imports in yuan rather than dollars
▼ + stars: | 2023-04-26 | by ( ) www.reuters.com time to read: +1 min

BUENOS AIRES, April 26 (Reuters) - Argentina will start to pay for Chinese imports in yuan rather than dollars, the government announced Wednesday, a measure that aims to relieve the country's dwindling dollar reserves. In April, it aims to pay around $1 billion of Chinese imports in yuan instead of dollars and thereafter around $790 million of monthly imports will be paid in yuan, a government statement said. The decision aims to ease the outflow of dollars, Argentina's Economy minister Sergio Massa said during an event following a meeting with the Chinese ambassador, Zou Xiaoli, as well as with companies from various sectors. In November last year, Argentina expanded a currency swap with China by $5 billion, seeking to strengthen Argentina's international reserves. The agreement will allow Argentina "to work on the possibility" of advancing the rate of imports, Massa added, with yuan-denominated import orders being authorized in 90 days rather than the standard 180 days.

☆ Argentine President Fernandez pulls out of 2023 election
▼ + stars: | 2023-04-21 | by ( Lucila Sigal | ) www.reuters.com time to read: +2 min

BUENOS AIRES, April 21 (Reuters) - Argentine President Alberto Fernandez will not run in the country's October general election, the center-left leader announced on Friday, throwing open a race to lead the Peronist coalition at the ballot amid swirling economic crisis. Pressure had been building for a decision from the leftist wing commanded by powerful Vice President Cristina Fernandez de Kirchner, who served as president from 2007-2015 and has at times been at loggerheads with Fernandez, no relation. "On the negative side, with him becoming an outgoing president so early, it could make it difficult to manage until the end of the mandate." Mauricio Macri, the leader of the main center-right opposition party and president from 2015 to 2019, said last month he would not run for presidency either. Vice President Fernandez de Kirchner has also ruled herself out.

BUENOS AIRES, April 20 (Reuters) - Argentina's central bank hiked the benchmark interest rate a sharper-than-expected 300 basis points on Thursday after inflation soared past expectations in March to hit 104% on an annual basis, the monetary authority said in a statement. The bank hiked the benchmark rate 300 basis points in March, the first raise since September at the end of a vicious tightening cycle through most of 2022. The bank had wanted to cut rates this year on hopes inflation would cool. Reuters reported earlier this month that central bank board members were discussing another interest rate hike to rein in one of the world's highest inflation rates. A central bank poll forecasts inflation will end this year at 110%, while J.P. Morgan estimates it could hit 130%.

☆ Argentine peso hits record low in black market as economy creaks
▼ + stars: | 2023-04-20 | by ( Walter Bianchi | ) www.reuters.com time to read: +2 min

BUENOS AIRES, April 20 (Reuters) - Argentina's peso currency sank in widely used parallel markets on Thursday, hitting a record low against the U.S. dollar as concerns grew about the Latin American country's economy, with 104% inflation, reserves dwindling and drought hitting exports. The black market peso , one of several unofficial rates that have flourished as tight capital controls have limited access to official forex markets, weakened almost 4% to 438 per dollar, roughly double the official rate of 218 pesos. The blue-chip swap or CCL rate was at 433 pesos per dollar and the MEP was at 421.3 per dollar, traders said. That has further pressured already weak central bank reserves, forcing it to sell dollars. "The stock (of BCRA reserves) is so small that it cannot withstand negative flows of this magnitude for many more days.

☆ Argentina looks to ease economic targets in IMF loan program, source says
▼ + stars: | 2023-04-15 | by ( ) www.reuters.com time to read: +1 min

MEXICO CITY, April 15 (Reuters) - Argentina is considering how to persuade the International Monetary Fund to further ease the economic targets embedded in the country's $44 billion IMF loan program, a source said, as a severe drought hits exports and threatens to push the economy into recession. Work will be done on the program," said a source familiar with the IMF program and discussions between Argentina and the IMF. IMF Deputy Managing Director Gita Gopinath said on Saturday she held a "good meeting" with Argentina's Economy Minister Sergio Massa to discuss the program. Some analysts say that the economic targets baked into the program look overly optimistic, especially in light of Argentina's deteriorating macroeconomic outlook. In March, retail prices increased by 7.7%, above analyst expectations, as Argentina's annual inflation rate soared to 104.3%.

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