News of dollars

The virus

Coronavirus exhaustion

16-05-2020 07:37 The pesos being injected into the system – an emergency tool that few have questioned domestically and abroad – haven’t purely been used to finance direct consumption of basic goods and services such as food, or absorbed into peso-denominated assets. As is the norm in Argentina, they have found their way into US dollars.

by Agustino Fontevecchia

Bloomberg

Greenback dealers on motorbikes deliver a cash lifeline in Argentina

28-04-2020 23:41 After decades of defaults, currency crises, high inflation and volatile politics, men yelling “exchange! exchange!” in downtown Buenos Aires became part of the city’s fabric. Amid the coronavirus pandemic, though, no-one is selling on the streets. Instead they’re delivering to customers’ homes.

US-Venezuela conflict

Trump tells Chevron to ‘wind down’ oil fields in Venezuela

23-04-2020 12:48 The Trump administration on Tuesday ordered Chevron Corp. to "wind down" operations in Venezuela by December 1, barring the California-based oil giant in the meantime from drilling or exporting, as the US increases pressure on President Nicolás Maduro to give up power.

Bloomberg - Opinion

Money is losing its meaning amid coronavirus pandemic

16-04-2020 15:32 Saving the global economy from the coronavirus pandemic is going to cost a lot of money. The sums involved are so large that they no longer have any meaning; they are simply abstractions.

Coronavirus pandemic

IMF rejects Maduro's bid for emergency US$5-billion loan to fight virus

18-03-2020 10:18 Fund says request can't be considered because there was no clarity among its 189 member states on who it recognises as Venezuela's rightful leader: Nicolás Maduro or Juan Guaidó.

Bloomberg

US dollars can be another obstacle for US-China farm deal targets

05-03-2020 13:37 Crop traders obsessing over the deadly coronavirus in China may be overlooking another key challenge to the Trump administration’s phase one trade deal: the US dollar.

Bloomberg

Buffett-backed 30-year-old goes to war with Latin American banks

05-03-2020 13:31 São Paulo-based company led by Thiago Piau, Stone Co, is no stranger to picking fights with giants. However, banks have retaliated, prompting a price war.

PESOS v DOLLARS

Dollars under the mattress: Argentina's preferred way of saving

01-03-2020 20:15 Hit it by decades of inflation, recessions and cyclical devaluations, many Argentines prefer to take refuge in the dollar as a way of saving and hide their money "under the mattress."

NEW STUDY

Average wage fell 44.3% in dollar terms under Macri government, says study

20-02-2020 07:30 New report finds there has been a collapse of the average income in dollar terms since 2015, dropping from US$1,385 to just US$771 in four years.

BLOOMBERG - LONG READ

Venezuelan emigrants return as Maduro embraces capitalism

07-02-2020 15:18 After leading his country’s economy over a cliff, President Nicolas Maduro has brought it a certain measure of stability. By allowing dollars to flow freely and private enterprise to flourish in recent months, he seems to have breathed new life into his regime.

BLOOMBERG

Argentina eager to boost lithium production, says official

24-01-2020 13:41 The government is determined to boost lithium and copper production, says mining secretary in Washington

MYSTERY ENVELOPE

Envelope with US$10,000 in cash found in Production Ministry office

24-01-2020 12:49 Ministry, headed by Matías Kulfas, files criminal complaint after discovery of hidden envelope stuffed with thousands of dollars inside office allegedly equipped with fingerprint-proof lock.

TOURISM

Lammens eyes European, Chinese tourists in bid to boost economy

23-01-2020 07:19 The government is keen to attract foreign tourism, says new Tourism & Sports minister in interview, who hopes overseas visitors will be bringing more than US$6 billion into the economy by end of 2020.

Bloomberg

Central Bank sells dollars for first time since October 27 election

21-01-2020 09:27 Decree published in the Official Gazette confirms economist Sergio Woyecheszen as the Central Bank's vice-president, serving until September 23, 2022, subject to approval in the Senate.

CAPITAL CONTROLS

‘Strict’ foreign-exchange controls to stay in place, says Kulfas

05-01-2020 08:26 “In the current context, strict exchange rate regulations are inevitable,” says production minister

CENTRAL BANK CHIEF

Government will continue making payments during debt talks, says Pesce

19-12-2019 07:42 Speaking at event at the American Club, new Central Bank chief says government wants to continue making debt payments while it renegotiates with creditors in the coming months.

ECONOMIC MEASURES

Government announces new tax hikes, sends 'emergency bill' to Congress

18-12-2019 01:00 Economy Minister Martín Guzmán confirms trailed measures designed to boost growth, including higher export levies, 30% tax on foreign currency purchases, freeze on public utility prices, and bonus for pensioners

NEW MEASURES

Government confirms 30% charge on overseas purchases coming

16-12-2019 07:05 Argentina will return to a “tourist dollar” policy, under which foreign transactions face a 30% surcharge over the official rate, Cabinet Chief Santiago Cafiero confirms.

BLOOMBERG

Kicillof says Buenos Aires Province can't afford to pay debts

11-12-2019 17:14 “As Alberto said, if we don’t grow, we can’t pay,” says new governor. “We’ll get in touch with bondholders immediately and establish a dialogue to find a solution to this problem.”

'Cepo total'

US$200 limit: Central Bank tightens currency controls in wake of election

28-10-2019 01:03 The move looks to preserve international reserves during the political transition but risks causing the black market exchange rate to skyrocket.

BLOOMBERG

Argentines pull dollar deposits from banks before Sunday vote

25-10-2019 15:09 Central Bank’s reserves have sunk US$2.2 billion this week alone, and while part of that is to pay government debt and comes from large corporations, retail transactions have surged.

AGRICULTURE

Farmers fear impact of a Peronist victory in election

24-10-2019 09:38 After a record harvest, farmers are fearful of a Peronist victory on Sunday and their subsequent policies, yet also disappointed in President Mauricio Macri and his government.

ELECTION 2019

Fernández tells Argentines he will protect their savings and dollar deposits

23-10-2019 13:53 Presidential frontrunner asks markets and Argentina to "be calm," promising not to raid personal savings should financial turbulence hit country post-election.

ECONOMIC INDICATORS

Argentina's external debt equivalent to US$6,310 per person

09-10-2019 17:24 Foreign debt continues to grow, with the total figure now standing at close to US$284 billion, according to INDEC. That works out to around 378,604 pesos per person at the current exchange rate.

BLOOMBERG

Argentines shift money into short-term deposits ahead of election

03-10-2019 18:46 As the presidential vote draws closer, savers are increasingly choosing short-term instruments for their deposits.

BLOOMBERG

Energy companies would likely bear cost of Fernández’s utilities shift

01-10-2019 16:29 Energy companies would likely be made to pay for Alberto Fernández’s move to slow hikes in electricity and natural gas prices.

BUENOS AIRES

Capital controls, sky-high rates crush local housing market

01-10-2019 08:56 The world’s highest interest rates and a currency that has lost 68 percent of its value since the start of 2018 has led to paralysis in Argentina’s real estate market. Home sales with a mortgage have plunged 87 percent in the province and city of Buenos Aires so far this year.

Selective cepo?

Government imposes currency controls in bid to halt flight of dollars

01-09-2019 16:04 Exporters ordered to seek permission from the Central Bank of Argentina before purchasing foreign currency and and purchases of dollars limited to US$10,000 per individual a month.

ECONOMIC TURBULENCE

Analysts: Little risk of 2001-style default

08-09-2018 09:20 According to official estimates, Argentines are holding US $300 billion outside of their country’s financial circuit, mostly in Uruguay and the US.