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☆ 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.

☆ Argentina vows to battle peso slide towards 500 per dollar in black market
▼ + stars: | 2023-04-25 | by ( Rodrigo Campos | ) www.reuters.com time to read: +4 min

The peso hit 495 against the dollar on Tuesday in informal markets that have flourished as the official foreign exchange market is under tight controls. That is down from 400 pesos per dollar just over a week ago and compares to the official spot rate of around 221. The official peso, which is in a controlled, sliding peg to the dollar, has fallen 20% so far this year. The gap between the black and official rates of some 122% is the widest since July. Last week, Argentina's central bank raised its benchmark interest rate by 300 basis points to 81% after inflation soared past expectations in March to 7.7%, the fastest monthly increase in two decades.

☆ 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%.

BUENOS AIRES, April 10 (Reuters) - Argentina has patched up its wobbly economy with a so-called "soy dollar" preferential exchange rate to boost grains exports and bring in much-needed foreign currency, which analysts said would give the government breathing room, at least temporarily. "The 'farm dollar' will not create extra foreign currency, but at least will accelerate it coming in and so provide temporary relief," said economist Gustavo Ber, adding that foreign currency reserves had hit "critical levels." Reuters Graphics Reuters GraphicsThe so-called "soy dollar" was used twice last year and did help create a boost in exports, at least in the short-term helping ease availability of foreign currency. "This new measure aims to buy two months, which in the current context is not insignificant," Geretto told Reuters. Reporting by Walter Bianchi and Anna-Catherine Brigida; Editing by Adam Jourdan and Aurora EllisOur Standards: The Thomson Reuters Trust Principles.

☆ Argentina February inflation data "very bad": government spokesperson
▼ + stars: | 2023-03-16 | by ( ) www.reuters.com time to read: +2 min

BUENOS AIRES, March 16 (Reuters) - The Argentine government on Thursday said annual inflation data registered in February, the highest since 1991, was "very bad," but insisted that the 60% inflation rate forecast in this year's budget would be met, the president's spokesperson said. President Alberto Fernandez has struggled to rein in one of the world's highest inflation rates that has put increasing pressure on Argentine consumers. Argentina last month registered an inflation rate of 6.6% compared to January and 102.5% compared to February of the previous year, the highest data since the 115% annual rate in September 1991. "The inflation data obviously seems bad, very bad and also was not expected," presidential spokesperson Gabriela Cerruti said during a press conference. "We hope that the plan that was going to lower the curve, which had these problems, can somehow return to the path that was planned, indicated, and that we get to that (60% annual inflation)," she added.

☆ Argentina swaps $21.7 billion in domestic debt, dimming default risk
▼ + stars: | 2023-03-10 | by ( ) www.reuters.com time to read: +2 min

The swap exchanges old debt for new bonds maturing in 2024 and 2025, according to an economy ministry statement Thursday. "In this way, the uncertainty about the debt maturities of the coming months is cleared up, helping to preserve the sustainability of the Treasury debt," the ministry said. The swap, first announced Monday, prompted global rating agency S&P to slash Argentina's local currency rating to 'SD/SD' (selective default) from 'CCC-/C' Thursday. Though the debt swap is technically voluntary rather than a forced restructuring, the agency - and indeed the markets - still appear to view it as a distressed event. Argentina also still has an eye-watering estimated $170 billion of local debt due, given the swap only pushes back the payment deadline.

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.

☆ Argentina tightens health protocols to control bird flu
▼ + stars: | 2023-02-22 | by ( Reuters Staff | ) www.reuters.com time to read: +1 min

BUENOS AIRES (Reuters) - Argentina’s government adopted new measures on Tuesday to prevent spread of bird flu and limit potential damage to exports as cases rise in the region. Authorities decided to tighten sanitary controls on imports of poultry products to avoid the virus spreading, officials told reporters. Argentina last week confirmed its first cases of avian influenza in wild birds, prompting the government to declare a health emergency. Uruguay, another important international agricultural producer, also declared a health emergency last week. The virus has prompted import bans in some countries and pushed egg prices to record highs in some parts of the world.

☆ Brazil, Argentina to encourage trade, says Haddad; plays down common currency
▼ + stars: | 2023-01-23 | by ( Lisandra Paraguassu | ) www.reuters.com time to read: +2 min

His remarks came after Brazilian President Luiz Inacio Lula da Silva and Argentine leader Alberto Fernandez published a joint article saying their aim for greater economic integration included studies of a common South American currency. Haddad, who floated such a possibility in an article last year, said removing trade barriers between the two largest economies in South America could involve using a single currency for commerce, given a lack of U.S. dollars in Argentina. "Trade is really bad and the problem is precisely the foreign currency, right? Haddad noted Argentina was an important buyer of Brazilian industrial goods and that "several possibilities" were being floated to circumvent its currency problems, though no decision had been made. The Financial Times had previously reported, citing Argentina's Economy Minister Sergio Massa, that the neighboring nations would announce this week they were starting preparatory work on a common currency.

☆ Brazil and Argentina to begin preparations for common currency, Financial Times reports
▼ + stars: | 2023-01-22 | by ( ) www.reuters.com time to read: +1 min

Jan 22 (Reuters) - Brazil and Argentina will announce this week that they are starting preparatory work on a common currency, the Financial Times reported on Sunday. The plan, set to be discussed at a summit in Buenos Aires this week, will focus on how a new currency which Brazil suggests calling the "sur" (south) could boost regional trade and reduce reliance on the U.S. dollar, FT reported citing officials. . . a decision to start studying the parameters needed for a common currency, which includes everything from fiscal issues to the size of the economy and the role of central banks,” Argentina’s economy minister Sergio Massa told the Financial Times. Politicians from both countries have discussed the ideaalready in 2019, but met with pushback from Brazil's central bank at the time. Reporting by Jyoti Narayan in Bengaluru Editing by Tomasz JanowskiOur Standards: The Thomson Reuters Trust Principles.

☆ Brazil and Argentina to discuss common currency
▼ + stars: | 2023-01-22 | by ( Lisandra Paraguassu | ) www.reuters.com time to read: +2 min

BUENOS AIRES, Jan 22 (Reuters) - Brazil and Argentina aim for greater economic integration, including the development of a common currency, Brazilian President Luiz Inacio Lula da Silva and Argentine leader Alberto Fernandez said in a joint article they penned. "We also decided to advance discussions on a common South American currency that can be used for both financial and commercial flows, reducing costs operations and our external vulnerability," the article said. Earlier in the day, the Financial Times reported the neighboring nations will announce this week that they are starting preparatory work on a common currency. . . a decision to start studying the parameters needed for a common currency, which includes everything from fiscal issues to the size of the economy and the role of central banks,” Argentina’s economy minister Sergio Massa told the Financial Times. Reporting by Lisandra Paraguassu; Additional reporting by Jyoti Narayan in Bengaluru; Editing by Tomasz Janowski and Diane CraftOur Standards: The Thomson Reuters Trust Principles.

☆ 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.

☆ Argentina to buy back $1 bln in foreign debt in signal to markets
▼ + stars: | 2023-01-18 | by ( ) www.reuters.com time to read: +1 min

BUENOS AIRES, Jan 18 (Reuters) - Argentina will buy back foreign bonds equivalent to over $1 billion to improve the South American country's debt profile, economy minister Sergio Massa said on Wednesday, looking to send a positive signal to markets despite low reserves levels. The unusual move, which Massa said could help boost the country's access to capital markets, comes as Argentina battles to replenish foreign currency reserves, rein in rampant inflation and prop up a weakening local peso currency. "Undoubtedly over the next few months, by inviting the private sector to accompany the Argentine state in this job of improving its (debt) profile, we will carry out other measures like the one we are taking today," he added. Argentina's sovereign bonds languish in distressed territory despite major restructurings in recent years with private creditors and the International Monetary Fund (IMF), with which it struck a $44 billion deal last year to push back repayments. Reporting by Walter Bianchi and Jorgelina do Rosario; Writing by Adam Jourdan; Editing by Chizu NomiyamaOur Standards: The Thomson Reuters Trust Principles.

BUENOS AIRES, Jan 12 (Reuters) - Argentina's annual inflation hit its highest rate in more than 30 years last month as prices almost doubled versus a year ago, official data released on Thursday showed, further eroding consumers' dwindling purchasing power. The annual rate marks the fastest clip of rising prices in more than three decades, or since 1991, according to INDEC. Argentina is battling one of the highest inflation rates in the world as soaring prices hamper growth and force shopkeepers to constantly update price tags. In a recent interview, Economy Minister Sergio Massa projected December inflation would not exceed 5%, adding that monthly increases should edge down to around 3% by April. "It's a psychological factor that wears you out because... wages do not increase like inflation increases," said Aurelio Narvaja, a 41-year-old teacher.

☆ Argentina inflation tops minister's forecast, annual rate at 95%
▼ + stars: | 2023-01-12 | by ( Hernan Nessi | ) www.reuters.com time to read: +2 min

BUENOS AIRES, Jan 12 (Reuters) - Argentina's monthly inflation rate stood at 5.1% in December, official data released on Thursday showed, while annual inflation in the South American country reached nearly 95% over the previous 12-month period. December's rate of rising consumer prices came in above the economy minister's expectation but slightly below analyst forecasts. In a recent interview, Economy Minister Sergio Massa projected monthly inflation would not exceed 5% in December and said the government aims for it to edge down to around 3% in April. Economists expect monthly inflation to hover around 5% at the start of 2023, driven by an economic slowdown and price cap agreements on retail products. Reporting by Hernan Nessi; Editing by Jonathan Oatis, Brendan O'Boyle and Sandra MalerOur Standards: The Thomson Reuters Trust Principles.

☆ Argentina government aims to undershoot inflation forecasts in December
▼ + stars: | 2023-01-12 | by ( Hernan Nessi | ) www.reuters.com time to read: +1 min

The South American country is battling rampant inflation which is set to end the year at around 95.5%, one of the highest levels in the world. In a recent interview, Economy Minister Sergio Massa said monthly inflation would not exceed 5% in December and noted the objective was for it to stand at around 3% in April. However, estimates from 19 local and foreign analysts showed a slightly higher rise in the consumer price index for the late month of 2022, with projections ranging from 4.9% to 6.3%. Economists expect monthly inflation to remain around 5% for the start of 2023, driven by an economic slowdown and price cap agreements on retail products. "But risks remain elevated, and the shortage of (U.S.) dollars may translate into a further escalation of parallel (market) dollars, leading to higher inflation," said Isaias Marini, an economist at consultancy Econviews.

Brazil's real , snapped a three-day winning run, last down 0.4% after falling over 1% earlier in the day. A central bank survey on Monday showed Brazil's inflation and interest rate expectations for the year had risen. While most other Latin American currencies also fell, underperforming broader emerging market peers, Chile's peso rose 0.8% as copper prices hit six-month highs. Data showed Chile posted a trade surplus of $1.85 billion in the month, up from a $417 million surplus in December 2021. Data showed Mexico's headline inflation ended 2022 slightly below analysts' expectations, while core inflation appeared to have lost steam.

☆ Brazil markets fall as Bolsonaro supporters storm capital
▼ + stars: | 2023-01-09 | by ( Susan Mathew | ) www.reuters.com time to read: +2 min

The market impact will depend on how the Lula administration and other government institutions react to the protests, said Bertrand Delgado, head of Latam Fx and fixed income with Societe Generale. A central bank survey on Monday showed Brazil's inflation and interest rate expectations for the year had risen. While most other Latin American currencies also fell, underperforming broader emerging market peers, Chile's peso rose 0.8% as copper prices hit six-month highs. Data showed Mexico's headline inflation ended 2022 slightly below analysts' expectations, while core inflation appeared to have lost steam. In Argentina, the economy will grow significantly more than 5% in 2023, Economy Minister Sergio Massa said on Sunday.

"The World Cup is an immense joy that revives us after suffering economic crisis for so long," Victorica said. "But soon we will have to fall back into reality and face the situations that weigh us down every day." "The World Cup gives us hope and the desire to believe," said Osvaldo Hassan, a 62-year-old merchant in Buenos Aires. World Cup wins can give a small boost to a country's economy in the months following, an academic paper from Britain's University of Surrey found, helping raise exports. Reporting by Rodrigo Campos in New York and Belen Liotti in Buenos Aires; Writing by Adam Jourdan; Editing by Alex RichardsonOur Standards: The Thomson Reuters Trust Principles.

☆ Argentina government to send LNG bill to Congress in coming months
▼ + stars: | 2022-11-24 | by ( ) www.reuters.com time to read: +2 min

Nov 24 (Reuters) - Argentina's Economy minister Sergio Massa said on Thursday that the government was readying a liquefied natural gas (LNG) bill to send to Congress in the coming months, amid a push to create a major gas export sector in the country. The bill aims to spur the multi-billion-dollar investments needed to exploit Argentina's massive LNG reserves, as the war in Ukraine spikes global demand. Companies like state-owned YPF (YPFD.BA) have shown interest in building plants to liquify gas from Argentina's vast Vaca Muerta shale basin, the world's second largest unconventional gas reserve and the fourth largest shale oil reserve. Massa told business leaders that he hoped Congress would discuss the LNG bill in coming extended or extraordinary sessions, and that the government would also announce a series of decrees to accompany the bill. Amid a prolonged financial crisis and a series of market regulations imposed by the center-left government, companies have asked the government to provide certainty that LNG export commitments will be honored once the expensive LNG plants are built.

☆ Analysis: Argentina's embattled left hopes for Lula bump. That looks a long shot
▼ + stars: | 2022-11-01 | by ( Nicolás Misculin | ) www.reuters.com time to read: +3 min

President Fernandez, powerful Vice President Cristina Fernandez de Kirchner and Economy Minister Sergio Massa, all languish on around 30% positive image, according to an October survey by pollster Ricardo Rouvier & Associates. I don't think this will change the electoral scenario in Argentina at all," political analyst Sergio Berensztein told Reuters. Lula, after his win, wore a cap in support of VP Fernandez de Kirchner. President Fernandez meanwhile said Lula would make his first overseas visit to Argentina once in office, a reversal from cool ties under Bolsonaro between the trade partners. "I think this has more to do with politicians' views than the real effect of the election on actual people," he said.

BUENOS AIRES/LONDON, Oct 28 (Reuters) - Argentina reached a deal to restructure some $1.97 billion it owes the Paris Club, Argentina's government and the creditor group said on Friday, which will push repayments back as far as 2028 and bring relief of some $248 million to the country. "Today, Argentina successfully completed an agreement with the Paris Club to normalize relations between our country, our companies, and our workers with the countries of the European bloc," Argentine Economy Minister Sergio Massa said. The deal would see the current 9% interest rate on the debt cut to a weighted average of 4.5%, according to a document shared with Reuters by officials. read moreThe Paris Club, whose members include the United States, Japan and Germany, last year gave Argentina more time to repay the debt while it carried out an ultimately successful negotiation with the IMF over a new $44 billion program. The Paris Club said in a statement the two sides had revamped the debt deal to clear remaining payments over a six-year period between December 2022 and September 2028.

☆ Argentina reaches deal with Paris Club on $2 billion debt
▼ + stars: | 2022-10-28 | by ( ) www.reuters.com time to read: +1 min

BUENOS AIRES, Oct 28 (Reuters) - Argentina reached a deal for the payment of some $2 billion it owes the Paris Club of creditors, Argentina's Economy Minister Sergio Massa said on Friday. "Today, Argentina successfully completed an agreement with the Paris Club to normalize relations between our country, our companies, and our workers with the countries of the European bloc," the minister said. The Paris Club, which counts the United States, Japan and Germany among its members, last year gave Argentina more time to repay the debt, allowing Buenos Aires to negotiate a revamp of its program with the International Monetary Fund. Argentina sealed an agreement with the IMF earlier this year for a nearly $45 billion program to refinance a failed loan from 2018. Calls to the Paris Club were unanswered outside regular office hours.

☆ Argentina to give workers income tax relief from November
▼ + stars: | 2022-10-16 | by ( ) www.reuters.com time to read: +1 min

BUENOS AIRES, Oct 16 (Reuters) - Argentina's Economy Minister Sergio Massa said on Sunday the government will give workers tax relief from November by raising the threshold at which income tax is charged, as the country battles with soaring inflation. "It will take effect from Nov. 1, it will be above 330,000 pesos ($2,176)," Massa said in an interview with Radio Rivadavia, referring to monthly income. The move should help alleviate the burden faced by workers, he added. "We've been working with companies of mass consumption," said Massa, saying the plan was to implement a broader and longer price program than the current one. ($1 = 151.6700 Argentine pesos)Register now for FREE unlimited access to Reuters.com RegisterReporting by Lucila Segal, editing by Deepa Babington and Chizu NomiyamaOur Standards: The Thomson Reuters Trust Principles.

WASHINGTON, Oct 13 (Reuters) - Argentina is nearing a deal on more than $2 billion it owes the Paris Club of creditors, economy minister Sergio Massa said on Thursday. "Argentina is close to an agreement with the Paris Club," Massa told Reuters on the sidelines of the IMF meetings in Washington. Massa had previously confirmed that he will meet the group in France on Oct. 27 and 28 to continue negotiations. He met the chair of the Paris Club, Emmanuel Moulin, in Washington on Thursday. The Paris Club, which counts the United States, Japan and Germany among its members, last year gave Argentina more time to repay the debt, allowing Buenos Aires to negotiate a revamp of its IMF program.

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