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☆ Argentina sets grocery price controls for 90 days to tame inflation
▼ + stars: | 2023-08-18 | by ( ) www.reuters.com time to read: +2 min

A costumer counts money before buying tangerines in a green grocery store, as Argentines struggle amid rising inflation, in Buenos Aires, Argentina May 11, 2023. The move follows other price-freezing initiatives from the government to contain surging annual inflation, which topped 113% in July. Consumer prices are expected to rise further in August after Milei's shock primary win led to a sharp peso devaluation. On Thursday, the ministry announced it would freeze fuel prices until October 31 after an agreement with the industry. Reporting by Maximilian Heath; Writing by Carolina Pulice; Editing by David Alire Garcia and Diane CraftOur Standards: The Thomson Reuters Trust Principles.

Persons: Agustin Marcarian, Sergio Massa, Massa, Javier Milei, Patricia Bullrich, Maximilian Heath, Carolina Pulice, David Alire Garcia, Diane Craft Organizations: REUTERS, Economy, Peronist, Monetary, Thomson Locations: Buenos Aires, Argentina, BUENOS AIRES

The price list, updated after a primary election shock led to a sharp devaluation of the peso and interest rate hike on Monday, underscores the scale of Argentina's challenge to avoid inflation, already at 113%, climbing faster. "We kiosko owners don't know if we should increase prices each day, or by how much." The price list offers a window into how these market shocks are passed on to small business owners, and eventually customers. Reuters GraphicsSince March, business owners have received updated price lists from their suppliers twice a month, double the frequency of a year ago, said Acuna. "Prices have gone through the roof, in every way," Leguizamon said, adding that she didn't blame the store owners and small businesses who were just trying to survive.

Persons: Ernesto Acuna, Agustin Marcarian, Acuna, Juan Pablo Spagnolo, Spagnolo, Javier Milei, Maria Leguizamon, Leguizamon, Anna, Catherine Brigida, Adam Jourdan, Rosalba O'Brien Organizations: REUTERS, Reuters, Wednesday, Owners, Reuters Graphics Reuters, Thomson Locations: Buenos Aires, Argentina, BUENOS AIRES, Acuna

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

REUTERS/Agustin Marcarian/Illustration/File PhotoNEW YORK, Aug 15 (Reuters) - Investors in Argentina's financial markets, where bonds and the peso slid on Monday after central bank moves following a surprise primary election result, said the vote had a silver lining: it would likely hasten long-called-for economic reforms. The result initially introduced uncertainty into asset pricing, with traders selling stocks and dollar bonds - but prices later stabilized and the local stock market closed over 3% higher. Investors said this would outweigh any worries about Milei, despite some of his heterodox pledges, including to axe the central bank and dollarize the economy. Milei faces a significant challenge still to turn the primary election win into a successful run to the presidency. The central bank also increased the benchmark interest rate to 118% from 97%.

Persons: Agustin Marcarian, Javier Milei, Patricia Bullrich, Milei, Kimberley Sperrfechter, Sergio Massa, Cristina Fernandez de Kirchner, Milei's, Walter Stoeppelwerth, Shamaila Khan, Rowe Price, Samy Muaddi, Rodrigo Campos, Adam Jourdan, Rosalba O'Brien Organizations: Argentine, REUTERS, Economics, Kimberley, Peronist, Investors, Gletir SA, Emerging Markets, Asia Pacific, UBS Asset Management, Jorgelina, Thomson Locations: Argentina, Argentine, MERV, Rosario

A general view of the facade of Banco de la Nacion Argentina (Bank of the Argentine Nation), in Buenos Aires, Argentina December 7, 2021. The official FX rate will be fixed at 350 pesos per dollar until the October elections, the central bank said. The country's sovereign dollar bonds fell as much as 2 cents on the dollar, with the 2038 note leading the slide, according to MarketAxess data. Latin America's third-largest economy has been grappling with a severe economic crisis with sky-high inflation and falling central bank reserves. A candidate needs 45% of the Oct. 22 vote to win outright or 40% and a 10-point lead over second place.

Persons: Agustin Marcarian, Javier Milei, William Jackson, overvalued, Sunday's, Goldman Sachs, Patricia Bullrich, Sergio Massa, Ricardo Delgado, Eliana Raszewski, Rodrigo Campos, Jorge Otaola, Medha Singh, Adam Jourdan, Bernadette Baum, John Stonestreet, Andrew Cawthorne Organizations: de la Nacion Argentina, Bank of, Argentine, REUTERS, LONDON, Capital Economics, Investment, JPMorgan, Gross, Milei, Peronist, Economy, Analytica, Reuters Graphics Reuters, International Monetary Fund, IMF, Qatar, Thomson Locations: Buenos Aires, Argentina, Agustin Marcarian BUENOS AIRES, MERV, Argentine, refinance, Washington, Rosario

☆ 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 general view of the facade of Banco de la Nacion Argentina (Bank of the Argentine Nation), in Buenos Aires, Argentina December 7, 2021. REUTERS/Agustin MarcarianBUENOS AIRES/LONDON, Aug 14 (Reuters) - Argentina's markets face an election hangover on Monday after a shock primary vote win for far-right libertarian Javier Milei - who wants to axe the central bank and dollarize the economy - shook up the race towards presidential elections in October. Rock-singing, wild-haired economist and lawmaker Milei far outperformed forecasts to win some 30% of the vote, the largest share with over 90% of ballots counted. Latin America's third-biggest economy has been grappling with a severe economic crisis with sky-high inflation and falling central bank reserves. A candidate needs 45% of the Oct. 22 vote to win outright or 40% and a 10-point lead over second place.

Persons: Agustin Marcarian, Javier Milei, Milei, Diego Pereira, Milei's, Goldman Sachs, Patricia Bullrich, Sergio Massa, Ricardo Delgado, Eliana Raszewski, Jorge Otaola, Adam Jourdan, Stephen Coates, Bernadette Baum Organizations: de la Nacion Argentina, Bank of, Argentine, REUTERS, LONDON, Investment, JPMorgan, Reuters Graphics Reuters, Gross, Peronist, Economy, Analytica, International Monetary Fund, Qatar, Thomson Locations: Buenos Aires, Argentina, Agustin Marcarian BUENOS AIRES, U.S, Argentine, refinance, Washington, Rosario

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 inflation likely sped back up ahead of primary vote, analysts say
▼ + stars: | 2023-08-11 | by ( Hernan Nessi | ) www.reuters.com time to read: +3 min

A costumer counts money before buying tangerines in a green grocery store, as Argentines struggle amid rising inflation, in Buenos Aires, Argentina May 11, 2023. REUTERS/Agustin MarcarianBUENOS AIRES, Aug 11 (Reuters) - Argentina's monthly inflation rate likely sped back up to 7.1% in July, a Reuters poll of analysts showed, a blow for the ruling Peronist coalition, which is battling to avoid defeat by the conservative opposition in primary elections on Sunday. The projections from 19 local and foreign analysts ranged from a minimum 5.9% rise to a maximum 7.9% jump in the month. Many analysts saw a tough outlook for prices in the months ahead due to economic uncertainty, fiscal imbalances, and volatility ahead of the general election in October. Argentina's INDEC statistics agency is expected to publish inflation data next week after the primaries.

Persons: Agustin Marcarian, That's, Alejandro Giacoia, Eugenio Marí, Hernán Nessi, Gabriel Burin, Adam Jourdan, Jonathan Oatis Organizations: REUTERS, Peronist, Sunday, Index, Reuters Graphics Reuters Graphics, Libertad, Thomson Locations: Buenos Aires, Argentina, Agustin Marcarian BUENOS AIRES, Progreso

☆ Argentina's cabinet chief says harvest should bring economic relief
▼ + stars: | 2023-07-21 | by ( Nicolás Misculin | ) www.reuters.com time to read: +3 min

[1/2] Argentina's Cabinet Chief and vice presidential pre-candidate Agustin Rossi gestures in his office during an interview with Reuters, at the Casa Rosada Presidential Palace, in Buenos Aires, Argentina July 21, 2023. REUTERS/Agustin MarcarianBUENOS AIRES, July 21 (Reuters) - Argentina's financial crisis, which has been marked by exchange rate volatility and soaring inflation, should start abating in November and December, with large foreign currency inflows from the wheat harvest, cabinet chief Agustin Rossi told Reuters on Friday. Argentina's prolonged financial crisis has been aggravated by a ferocious drought that reduced crucial agricultural exports by an estimated $20 billion this year. "(Inflation) does not go down with abrupt devaluation... We do not believe that this is necessary in Argentina," Rossi said. "We are optimistic, we believe that we will find a way," Rossi said of the IMF talks.

Persons: Agustin Rossi, Agustin Marcarian, " Rossi, Nestor Kirchner, Rossi, Sergio Massa, Alberto Fernandez, Nicolás Misculin, Alexander Villegas, Rosalba O'Brien Organizations: Argentina's, Reuters, Casa, REUTERS, Peronist, International Monetary Fund, IMF, Thomson Locations: Buenos Aires, Argentina, Agustin Marcarian BUENOS AIRES, Vaca

☆ Oil markets set to tighten, economic headwinds to hit growth, IEA says
▼ + stars: | 2023-07-13 | by ( Noah Browning | ) www.reuters.com time to read: +2 min

REUTERS/Agustin Marcarian/File PhotoLONDON, July 13 (Reuters) - Oil demand is set to hit a record high this year and the market is tightening but economic headwinds and interest rate hikes have deflated growth expectations slightly, the International Energy Agency (IEA) said on Thursday. Still, the Paris-based energy watchdog sees demand growth next year rising by more than anticipated despite the rise being less than half that of this year. The oil market is tightening, the IEA projected, with demand set to outstrip supply for the rest of 2023. China is due to make up more than two-thirds of this year's demand growth as its post-pandemic economic rebound is set to gain pace, especially later in the year, the IEA said. Oil demand growth is set to halve next year to 1.1 million bpd, the IEA said, reflecting vehicle electrification and energy efficiency, though it raised its view from a 860,000 bpd rise it forecast last month.

Persons: Agustin Marcarian, halve, Noah Browning, Jason Neely Organizations: REUTERS, International Energy Agency, IEA, OECD, Thomson Locations: Vaca, Patagonian, Neuquen, Argentina, Paris, China, Europe

☆ Argentina delegation set to travel to US next week for IMF talks
▼ + stars: | 2023-07-07 | by ( Jorge Otaola | ) www.reuters.com time to read: +2 min

[1/2] A person walks by the Ministry of Economy building in Buenos Aires’ financial district, Argentina, July 4, 2022. REUTERS/Agustin Marcarian/File PhotoBUENOS AIRES, July 7 (Reuters) - The Argentine government will send a delegation next week to Washington in a bid to finalize the renegotiation of its $44 billion loan with the International Monetary Fund (IMF), a source involved in the talks told Reuters on Friday. The delegation had initially planned to travel as early as June. "The negotiation is fine, next week our team will be there (in Washington) all week. The government also this week postponed its $2.6 billion loan repayments for July until the end of the month, which include $1.3 billion that were due Friday.

Persons: Agustin Marcarian, Jorge Otaola, Rodrigo Campos, Eliana Raszewski, David Gregorio, Rosalba O'Brien Organizations: Ministry, REUTERS, International Monetary Fund, Reuters, Grupo SBS, ., Thomson Locations: Buenos Aires, Argentina, BUENOS AIRES, Argentine, Washington, America, New York

The measures include an interest rate hike by the central bank, the economy ministry said in a statement. The ministry did not elaborate, but an official source told Reuters the hike would be 600 basis points, bringing the rate up to 97%. The rate hike will take effect Monday, the source added. The South American nation is battling to bring down inflation that hit 109% on an annual basis in April. The central bank will also increase its intervention in the foreign-exchange market and double down on its currency devaluation plan, the ministry said.

[1/4] A costumer counts money before buying tangerines in a green grocery store, as Argentines struggle amid rising inflation, in Buenos Aires, Argentina May 11, 2023. REUTERS/Agustin MarcarianBUENOS AIRES, May 12 (Reuters) - Argentina's annual inflation rate soared to 109% in April, the country's statistics agency said on Friday, smashing past analyst forecasts and stoking anger among hard-hit consumers who are increasingly having to skimp and save to get by. 2 economy, posted 8.4% monthly inflation in April, well above analyst forecasts of 7.5% and the highest in decades. The highest analyst estimate in a Reuters poll for April's monthly inflation rate had been 8.3%. Reuters Graphics Reuters GraphicsReporting by Miguel Lo Bianco; Writing by Nicolás Misculin; Editing by Adam JourdanOur Standards: The Thomson Reuters Trust Principles.

[1/5] Cipriano Gomez and Ambrosio Pedraza share a laugh as they chat the day after the general elections, where Santiago Pena, from the ruling Colorado Party, was elected as the new Paraguayan President, in Asuncion, Paraguay May 1, 2023. REUTERS/Agustin MarcarianASUNCION, May 1 (Reuters) - Paraguayans on Monday were mixed about the prospects of another five years of conservative Colorado party rule, but hoped President-elect Santiago Pena could reboot the country’s farm-driven economy. Pena, a 44-year-old economist, secured a 15-point lead over his opposition rival with 42.7% of the vote, cementing another five-year term for the ruling Colorado Party. "For me personally, Santiago Pena is a person who could contribute a lot to the economy of our country (by) putting things in place in macroeconomic terms,” Candia told Reuters. Resident Victor Barrios also felt Pena was the right choice: "I think Santiago Pena is the ideal president for now … five years on we’ll see what he does and how we judge him," he said.

[1/4] Paraguayan presidential candidate Santiago Pena from the ruling Colorado Party gestures next to his wife Leticia Ocampos at the party headquarters as he and his running mate Pedro Alliana won Paraguay's presidential race, according to the preliminary official count, in Asuncion, Paraguay April 30, 2023. Still, Pena will be able to keep a cool head amid the tumult, his supporters say. "I think what characterizes him is that he has infinite tranquility," said Lea Gimenez, who served as Pena's deputy when he was finance minister and was later finance minister herself. Throughout the campaign the Colorado Party candidate has vowed to extend Paraguay's decades-long diplomatic relations with Taiwan, despite pressures to open up to China and its huge consumer demand for soybeans and beef. He became finance minister in 2015.

[1/6] An Aedes aegypti mosquito is seen under a magnifying glass at the CNEA (National Atomic Energy Commission), in Ezeiza, in the outskirts of Buenos Aires, Argentina April 12, 2023. REUTERS/Agustin Marcarian TPX IMAGES OF THE DAYBUENOS AIRES, April 17 (Reuters) - Argentine, fighting one of its worst outbreaks of dengue in recent years, is sterilizing mosquitoes using radiation that alters their DNA before releasing them into the wild. Their population keeps on moving further south," said National Atomic Energy Commission (CNEA) biologist Marianela Garcia Alba. They expect to release the first batch of sterilized males in November. Similar techniques to sterilize pests using the same radiation found in X-rays have been utilised for decades, helping global efforts to control diseases such as chikungunya, dengue and Zika.

REUTERS/Agustin MarcarianBUENOS AIRES, April 14 (Reuters) - Argentines, painfully accustomed to decades of spiraling prices, say that the current 102.5%-and-climbing inflation rate is on another level and is making it almost impossible to get by. "In my case, I have zero capacity to save," said Claudia Hernansaez, a publishing company employee. "In one year, beef went from around 1,000 pesos ($4.66) or 1,200 pesos to 2,800 pesos." Paola Lavezzari, also in publishing, said inflation was forcing her to tighten the purse strings and buy cheaper products. Because what you used to consume of a better quality, today is unaffordable," she said.

☆ Argentina orders public sector to give up dollar bonds in debt shake-up
▼ + stars: | 2023-03-23 | by ( Eliana Raszewski | ) www.reuters.com time to read: +4 min

REUTERS/Agustin Marcarian/File PhotoBUENOS AIRES, March 23 (Reuters) - Argentina ordered public sector bodies on Thursday to sell or exchange their holdings of 11 sovereign dollar bonds in a bid to reorganize its debt as inflation soared above 100% and its foreign reserves dropped. A presidential decree in Argentina's official gazette said public sector bodies would have to sell or auction five local law dollar bonds maturing between 2029 and 2041, and to swap six foreign law dollar bonds for peso debt. The order makes official plans announced earlier in the week, which had dragged down the value of Argentina's sovereign bonds. These are already in distressed debt territory after a ninth sovereign default and a major debt restructuring in 2020. Public sector bodies will have to sell the local law dollar bonds and exchange foreign law dollar bonds maturing between 2029 and 2046 for debt payable in pesos issued by the Treasury.

Dollars trade at around twice the price they do at the official exchange rate with even banks offering openly offering unofficial rates. An Economy Ministry source denied to Reuters the possibility of the formalization of official parallel FX rates, while a central bank spokesman declined to comment on the topic. Local economist Gustavo Ber said the "daily bleeding" of reserves was a rising concern, with traders closely watching what happened with the peso crawling-peg. The rising pressure on the currency has seen dollars trade at 400 pesos per dollar in parallel markets, compared to 205 pesos at the official rate. Maximiliano Donzelli, analyst at IOL, said a sharp devaluation remained unlikely despite the growing pressure, with temporary and targeted parallel rates more likely.

[1/3] A customer counts money before paying at a butcher shop, as inflation in Argentina hits its highest level in years, causing food prices to spiral, in Buenos Aires, Argentina September 13, 2022. REUTERS/Agustin MarcarianSAN FERNANDO, Argentina, March 14 (Reuters) - Argentina's annual inflation rate tore past 100% in February, the country's statistics agency said on Tuesday, the first time it has hit triple figures since a period of hyperinflation in 1991, over three decades ago. In Argentina's markets, shops and homes, the impact of spiraling prices is being felt keenly as one of the highest inflation rates in the world stretches people's wallets. Patricia Quiroga, 50, said 100% inflation was impossible to bear as she waiting on line to do her shopping. "I am tired, tired, just tired of all this, of the politicians who fight while the people die of hunger," she told Reuters.

☆ In homeland of Pope Francis, long absence prompts prayers for return
▼ + stars: | 2023-03-09 | by ( Lucila Sigal | ) www.reuters.com time to read: +5 min

[1/4] Catholic faithfuls pray during a mass at the Basilica San Jose de Flores, where Pope Francis used to attend in his childhood, in Buenos Aires, Argentina March 6, 2023. Some in Argentina claim Pope Francis as a Peronist, part of the powerful political movement forged by Juan Domingo Perón in the 1940s based on social justice values. She accused him of taking sides politically and once avoided him by shunning a traditional Mass in Buenos Aires. "We shouldn't rule out the possibility that (the pope) is concerned his presence will sharpen the political divide," De Vedia said. Bergoglio, he pointed out, had gained the nickname "Papa villero" - Pope of the villas - due to his closeness with the people.

Discussions include the impact of the drought on 2023 goals for net reserves, said an Argentina economy ministry adviser who asked not to be named because the talks were ongoing. Officials for the Economy Ministry declined to comment. The discussions to change the central bank net reserves targets for this year are pre-emptive, as the country did meet its end-December 2022 net reserves targets, another source added. Net reserves today stand at around $4.4 billion, according to calculations from Buenos Aires-based brokerage firm PPI Inversiones. Under the latest review, Argentina had been set the target of net reserves to increase by $5.5 billion at the end of March and $9.8 billion at the end of the year.

☆ Argentine government, farm exporters seek relief from historic drought
▼ + stars: | 2023-01-20 | by ( ) www.reuters.com time to read: +2 min

Lack of rainfall almost halved wheat output this cycle and hampered production of the current soybean and corn crops, though local grains exchanges predict fresh rains could bring some relief in coming days. Argentina is the world's leading exporter of soybean oil and meal and the third largest exporter of corn, as well as a major wheat supplier. Its production is being closely watched after Russia's invasion of Ukraine prompted major disruptions and spiking prices in the grains market. Massa also highlighted that Argentina's agro-industrial sector had pushed its exports to record levels last year. Reporting by Walter Bianchi; Writing by Sarah Morland; Editing by Sandra MalerOur Standards: The Thomson Reuters Trust Principles.

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