News of cepo

IMF: Formal talks over new deal with Argentina have begun

19-12-2024 21:09 The International Monetary Fund and Argentina have formally begun negotiations over a new loan agreement as the current programme draws to a close.

ANALYSIS: SHOCK THERAPY

Argentina takes steps to speed up Milei’s dollarisation strategy

19-12-2024 15:38 Argentina’s government is working with major banks and payment firms to advance Javier Milei’s dollarisation strategy.

NEW IMF PROGRAMME

IMF in talks with Argentina on loan to succeed US$44-billion deal

19-12-2024 14:13 International Monetary Fund confirms it has formally opened talks with President Javier Milei's government over a new loan programme to replace its existing US$44-billion deal.

ECONOMIC POLICY

Milei, Caputo increasing bullish as they outline new IMF deal timeline

19-12-2024 09:50 Argentina eyes fresh accord with the International Monetary Fund in the first third of next year, with President Milei confident of strong support, both at the Fund and on trade, from incoming US president Donald Trump.

MONETARY POLICY

Argentina weighs managed exchange rate once it lifts currency controls

16-12-2024 19:44 President Javier Milei's government is weighing whether to introduce a managed exchange rate regime — a “dirty float” — once it lifts its current foreign exchange controls in 2025.

OPINION & ANALYSIS

Who was Milei’s audience?

11-12-2024 23:45 With an almost religious hope of 2025 being a growth year, President Milei used his first anniversary address to talk to the ‘círculo rojo’ business establishment and his run-off voters, with no concrete announcements for ordinary people.

by Javier Calvo

President's address

Milei vows to axe capital controls and negotiate Trump trade deal

11-12-2024 09:50 President Javier Milei promises to lift capital and currency controls next year and negotiate a free-trade agreement with the United States once Donald Trump takes office.

MILEI'S FIRST YEAR

Milei promises inflation will be a 'bad memory' in first anniversary speech

10-12-2024 23:45 President touts US trade deal with Trump, vows to remove currency controls and says “happy times” lie ahead in national broadcast marking first year in office.

365 days of Javier Milei

One year in, Milei yet to fulfill key economic campaign promises

09-12-2024 12:53 Dollarisation, the removal of the ‘cepo,’ and the closure of the Central Bank – though he has tamed inflation, President Javier Milei has yet to deliver on key economic promises in his first year in office.

CAPITAL CONTROLS

Trump adviser Laffer tells Argentina ‘get it done now’ on capital controls

03-12-2024 15:19 Arthur Laffer has a word of advice for Argentina: Scrap capital controls now.

IMF LOAN PROGRAMME

Argentina ‘sure’ of new IMF deal, says it doesn’t depend on Trump

21-11-2024 14:28 IMF spokeswoman Julie Kozack says authorities in Argentina are “exploring the option of moving to a new arrangement” with the multilateral lender to replace its existing US$44-billion loan programme.

BLOOMBERG - ANALYSIS

Javier Milei is giddy about Trump and his own accomplishments

18-11-2024 17:23 Almost one year into office, Javier Milei is, to the shock of pundits, having a moment. Not only does he have an ally back in the White House but on the economic front, he’s been racking up the victories.

Analysing Argentina

Milei, in the best of all possible worlds

16-11-2024 05:00 Everywhere he looks, Javier Milei sees good news, which he takes as confirmation that he has chosen the right path.

by Marcelo J. García

ECONOMIC REPERCUSSIONS

Dollars, IMF, cepo – Economy Ministry’s expectations after Trump triumph

06-11-2024 23:59 The government is betting on ideological overlap between Milei and Trump helping Argentina to obtain the financing required to face the need for dollars.

by Ezequiel Orlando

IMF CREDIT LINE

Caputo says Argentina in talks with IMF over new deal, fresh funds

23-10-2024 13:58 After being hailed as “finance minister of the year” by a magazine in Washington, Argentina’s Economy Minister Luis Caputo Caputo said talks with the International Monetary Fund over a new agreement that includes fresh funds are underway.

CAPITAL CONTROLS

Why Milei can’t lift currency controls any time soon

16-10-2024 12:15 Argentina has had strict currency controls in place for the past nine out of 13 years. President Javier Milei wants to get rid of them, but for now, he's sticking to the existing regime.

CAPITAL CONTROLS

Government to adopt flexible exchange rate after lifting controls

15-10-2024 23:17 Milei states at conference that government will adopt a “flexible” exchange rate on the peso after it lifts capital controls.

ANALYSING ARGENTINA

Milei’s Bermuda Triangle

21-09-2024 06:31 Milei’s political future lies within a triangle defined by inflation, approval ratings, and unemployment.

by Marcelo J. García

MONETARY POLICY

Argentina overcomes key hurdle impeding end of currency controls

20-07-2024 17:53 Central Bank buys back majority of put options from financial entities, bringing President Javier Milei one step closer to lifting currency controls.

IMF ON ARGENTINA

IMF denies there is ‘specific timetable’ for new Argentina deal

11-07-2024 16:48 Julie Kozack, the Fund's communications director, contradicts claims by Economy Minister Luis Caputo that talks about new financing deal are underway and an agreement could be sealed this year.

POLITICS – ANALYSIS

Milei under pressure for the first time

06-07-2024 05:59 If the doubts regarding Milei’s capacity to preside over Argentina were tied to governability risk, Caputo’s are connected to credibility risk: it’s difficult to see how the current policy framework can be sustainable in time.

by Agustino Fontevecchia

AGRICULTURE & ECONOMY

Argentina has surplus harvest, but farmers want more from Milei

22-06-2024 09:03 Farmers are delaying agricultural sales as they wait for President Javier Milei to eliminate taxes and exchange barriers.

ANALYSING ARGENTINA

Milei at a turning point

15-06-2024 06:34 At this point, six months into office, Milei knows he needs to get something out of Congress, no matter exactly what that “something” is. Progress, not perfection.

by Marcelo J. García

NEW IMF PROGRAMME?

Caputo says Argentina will seek new IMF programme to exit 'cepo'

11-06-2024 12:57 Economy Minister Luis Caputo says President Milei’s government intends to “negotiate a new programme” with the International Monetary Fund that will allow Argentina to remove currency controls.

ECONOMY

Milei says Argentina is ‘very close’ to lifting FX controls

15-05-2024 17:00 “The truth is that we’re very close to lifting” currency controls, Milei said Wednesday at a conference in Buenos Aires, without providing more specifics on timing.

CEPO NO MORE?

Milei attacks ‘loudmouth’ critics as he denies peso-dollar lag

15-05-2024 16:31 President attacks "loudmouth" economists critical of his exchange rate policy, defends economic programme and says Argentina is "very close" to removing currency controls.

EDITORIAL

Contradictions and multitudes

11-05-2024 06:07 The Javier Milei Presidency has never been short of contradictions.

CURRENCY CONTROLS

Argentina to offer bonds in first step to lift currency controls

26-04-2024 13:33 President Javier Milei's government readying a new instrument to allow companies to send dividends abroad, a first step to lift a cobweb of restrictions in its foreign-exchange market.

BLOOMBERG

Caputo speech at JPMorgan event helps propel Argentine bonds

18-04-2024 13:18 Argentina won’t lift capital controls until international reserves are high enough to safeguard against a potential currency run, Luis Caputo tells investors.

BLOOMBERG INTERVIEW

Milei sees long slog ahead to bring Argentina reforms he pledged

05-04-2024 11:14 While Milei made shutting down the Central Bank and dollarising the economy centrepieces of his political campaign, he acknowledges plans are going to take a lot longer than he expected.

FINANCE

Milei seeks US$15 billion for removal of currency controls

18-03-2024 11:24 President Javier Milei says he would open up restrictions on foreign currency immediately if he has US$15 billion; Money could be provided by the IMF, multilateral bodies, private investors and even “some countries."

PRESIDENTIAL PREDICTION

Milei refuses minimum wage hike, predicts economic 'rebound' on way

18-02-2024 08:45 La Libertad Avanza leader refuses to set minimum wage by decree, forecasts challenging months ahead; Currency controls will be removed this year, leading to economic boost, he predicts.

Presidential handover

Argentina stops banks from hoarding dollars ahead of devaluation

07-12-2023 13:34 Central Bank limits amount of foreign currency the nation’s commercial lenders can hold, in a push to discourage US dollar hoarding ahead of an expected devaluation by president-elect Javier Milei.

DEVALUATION FEARS

Investors bet on 44% peso devaluation after Milei’s debut

06-12-2023 15:05 Investors are preparing for a 44% devaluation of the country’s official exchange rate after Javier Milei’s inauguration.

ECONOMIC POLICY

Dollarisation is medium-term goal, Luis Caputo tells bankers

24-11-2023 22:06 Luis Caputo, who is leading Javier Milei’s economic team during the transition, tells banking executives in Buenos Aires that currency controls won't be lifted immediately and that dollarisation is a medium-term goal.

BLOOMBERG – ANALYSIS

Recession, inflation, devaluation: Economic troubles in 5 charts

19-10-2023 13:46 Argentina’s next president will take over in the middle of a financial emergency — which is par for the course in one of the world’s most dysfunctional economies.

'CEPO' ON WAY OUT?

Baffling Argentina FX rates on borrowed time as election nears

17-10-2023 16:02 The hodgepodge of currency controls put in place in Argentina is likely in its last days.

INTERVIEW / PERIODISMO PURO

Carlos Melconian: ‘I believe that there is an opportunity because we have touched bottom’

14-10-2023 05:53 Famous for being the “king of metaphor,” Carlos Melconian will be Argentina’s next economy minister if Patricia Bullrich wins the upcoming election. In an extensive interview he explains his integral plan for putting Argentina back on its feet.

by Jorge Fontevecchia

CURRENCY CONTROLS

Lacunza, Milei both warn against lifting FX controls suddenly

28-06-2023 10:26 Two opposition figures in Argentina with differing views struck the same chord Tuesday, warning against lifting the country’s strict currency controls right away when a new government takes office in December.

DEBT INTERVENTION

Córdoba to meet debt payment after court blocks capital controls

07-06-2023 17:38 Argentina's Córdoba Province to meet debt payment after a court blocked government's latest capital controls.

CURRENCY CONTROLS

CNV removes loophole with new MEP, CCL restrictions

25-05-2023 16:39 Government tightens ‘cepo’; Officials want to remove loopholes enabling purchasing of cheap dollars on the stock market in order to resell them at a higher price at Central Bank’s expense.