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☆ Argentina retail prices seen slipping under double digits in October
  + stars: | 2023-11-10 | by ( Hernan Nessi | ) www.reuters.com   time to read: +3 min
REUTERS/Matias Baglietto/File Photo Acquire Licensing RightsBUENOS AIRES, Nov 10 (Reuters) - Argentina's consumer prices likely rose by less than double digits in October, a Reuters poll showed on Friday, slowing down after hitting a three-decade high in September. The poll, which surveyed 19 analysts, showed consumer prices increasing by 9.9% in the month, slowing from the 12.4% rise in August and 12.7% climb in September, though they warned the slowdown would be temporary. "However, consumer prices are still going up quickly, especially considering the official exchange rate and government controls." The tightly controlled official exchange rate was devalued to 350 pesos per greenback in August, though it currently trades for nearly three times that on the informal parallel market. "The effect of August's peso devaluation was diluted, but it seems more inertia is building now than from before the previous exchange rate shock."
Persons: Matias Baglietto, Sergio Massa, Javier Milei, Lucio Garay Mendez, Massa, Garay Mendez, Jeronimo Montalvo, Hernan Nessi, Kylie Madry, Chizu Organizations: Mercado Central, REUTERS, Economy, U.S, Thomson Locations: Buenos Aires, Argentina, BUENOS AIRES, Empiria
☆ Explainer: Argentina could again use yuan to evade IMF default
  + stars: | 2023-07-26 | by ( Jorgelina Do Rosario Rodrigo Campos | Jorgelina Do Rosario | Rodrigo Campos | ) www.reuters.com   time to read: +4 min
THE REVIEWUnder the terms of the $44 billion program agreed in 2022, the funds are released in tranches based on regular reviews of steps Argentina takes to shore up its economy. The IMF did not respond to a request for comment on the likelihood of a board meeting soon to discuss the Argentina program. Argentina made the last IMF payment due end-June partially with its holdings of IMF special-drawing rights (SDRs), but analysts calculated that this has wiped out the country's $1.65 billion in IMF reserve assets. Argentina used $1.1 billion in yuan from a recently extended and expanded swap line with China to complete the June payment to the IMF. Reuters GraphicsFALLING INTO ARREARSMissing payments would automatically put Argentina in default with the IMF because there is no grace period with the multilateral lender.
Persons: Goldman Sachs, Sergio Massa, Gordian Kemen, Kemen, Gross, Jorgelina, Rosario, Rodrigo Campos, Karin Strohecker, Tomasz Janowski Organizations: International Monetary Fund, IMF, Standard Chartered Bank, Reuters, Thomson Locations: Argentina, Buenos Aires, Beijing, China
☆ Argentina inflation seen gaining pace again in October
  + stars: | 2022-11-11 | by ( Hernan Nessi | Nidhi Verma | ) www.reuters.com   time to read: +2 min
Stubbornly high inflation has seen protesters take to the streets as prices have outstripped wages. The government, under pressure to reduce a deep fiscal deficit, announced a four-month freeze on consumer goods prices earlier on Friday. Jeronimo Montalvo, economist at Empiria Consultores, said monthly inflation is "holding steady around 6%" and scheduled increases in public service rates would also pressure prices in October. Econviews' Marini said that while consumer prices typically cool in November, he projects annual inflation of 101.5% by the end of the year. The INDEC statistics agency is scheduled to publish official inflation data for October next Tuesday.
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