News of finance

CREDIT-LINE

IMF likely to withhold loan tranche for Argentina until policy fog lifts

Yesterday 08:31 Next US$5.4 billion disbursement is scheduled for on or after Sunday, but IMF will postpone until greater clarity appears over likely policy landscape moving forward.

IMF CREDIT-LINE

Reports: IMF to delay Argentina's next loan tranche until after election

13-09-2019 13:39 Local and international outlets says officials evaluating how to push the next US$5.4-billion tranche back, with IMF prepared to adopt "all possible bureaucratic measures" to "stretch deadlines as much as possible."

CREDIT-LINE

Finance Minister Lacunza to meet with IMF in Washington next month

12-09-2019 15:38 An IMF spokesman on Thursday said the institution was still in negotiations with Argentina, but noted that market conditions and political uncertainty had cast a cloud over the talks.

IMF LOAN

'We've complied with everything' – Macri confident over next IMF loan tranche

05-09-2019 13:55 The IMF is currently assessing whether to pay out a further US$5.4 billion to the government, the latest phase of its record US$56-billion loan to Argentina.

INTERNATIONAL MONETARY FUND

Will the crisis in Argentina hurt the IMF's reputation?

05-09-2019 09:47 Experts say a fundamental mistake by the IMF was to push for too-strict cuts even when the Argentine economy entered recession.

ECONOMIC INDICATORS

New Central Bank survey predicts 55% inflation in 2019

04-09-2019 09:46 GDP anticipated to contract by 2.5% this year, survey of economists and consultancy firms reveals.

BUENOS AIRES CITY

Bank queues return to BA as currency controls kick in

03-09-2019 08:03 Queues outside banks seen once again outside branches, as Argentines get used to new capital controls.

BLOOMBERG

Government and IMF in talks over September monetary policy target

03-09-2019 07:32 Gustavo Sandleris said the Central Bank had failed to meet its monetary base goals for July and August, allowing the total amount of cash in circulation to rise above its target of 1.34 trillion pesos.

LEGISLATION

Government to seek support before submitting bill to 'reprofile' local debt

02-09-2019 16:46 After talks with the legislative branches of the Cambiemos coalition, Executive decides to seek consensus with opposition lawmakers beforehand submitting project.

BLOOMBERG

Argentina returns to capital controls as Macri fights to survive

02-09-2019 09:16 Decision to impose currency controls represents a bitter irony for the pro-market President Macri, who set about dismantling them as soon as he took office in 2015.

CURRENCY CONTROLS

Lacunza: Currency controls 'necessary to avoid greater evils'

02-09-2019 08:52 "It is an uncomfortable measure for us that Argentina has already had," declares finance minister, who describes new restrictions as "transitory."

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.

BLOOMBERG

'Selective Default': Standard & Poor's cuts Argentina’s debt rating

29-08-2019 20:40 “The Argentine government unilaterally extended the maturity of all short-term paper on August 28. This constitutes default under our criteria,” says ratings agencies.

BLOOMBERG

Carmen Reinhart: Full Argentine default is just a matter of time

29-08-2019 13:58 Harvard University economist Carmen Reinhart – who was also deputy director of the IMF’s research department during Argentina’s 2001 crisis – says the government’s re-profiling plan is already a default on domestic debt, which rating companies will likely promptly respond to.

ECONOMIC INDICATORS

Peso continues to fall, despite plan to delay debt payment

29-08-2019 12:50 National currency traded at the opening at 62.33 per US dollar, which marks a depreciation of almost 3.5 percent compared to Wednesday.

Bloomberg

To stave off default, Argentina asks bondholders for more time

29-08-2019 12:31 Argentina’s overseas bonds careened toward 40 cents on the dollar after President Mauricio Macri asked creditors for more time to repay them amid a growing economic crisis.

BLOOMBERG

Investors bank on IMF support as bets on a default grow

29-08-2019 09:19 IMF officials' decision to release more funding could determine whether Argentina enters a chaotic default in the next few months – or if the government gets more breathing room to shore up its finances and potentially seek a negotiated restructuring.

RESTRUCTURING

IMF says it will 'stand with Argentina' amid restructuring request

28-08-2019 22:50 "The Fund will continue to stand with Argentina during these challenging times," IMF spokesman Gerry Rice said in a statement.

Bloomberg

Government seeks to extend maturity of US$101 billion of debt

28-08-2019 22:38 Macri administration to postpone US$7 billion of payments on short-term local notes held by institutional investors this year and will seek the “voluntary reprofiling‘’ of US$50 billion of longer-term debt. It will also start talks over the repayment of US$44 billion it has received from the IMF.

BLOOMBERG

Bond investors keen to hear from Alberto Fernández's economic advisors

27-08-2019 12:24 Money managers including BlackRock, Goldman Sachs and others have made contact with advisers to Alberto Fernández, with some pleasantly surprised by what they've heard.

CHANGE AT THE TREASURY

Peso stability a priority, declares new Finance Minister Hernán Lacunza

20-08-2019 13:46 "Guaranteeing the exchange rate is a first-order objective," says Lacunza, who also promises that Argentina would keep 2019 fiscal targets set in alignment with IMF.

POST-PASO TURBULENCE

IMF in talks with Argentina, will send team to Buenos Aires 'soon'

20-08-2019 12:32 Fund says it is continuing discussions with Argentina and will send a mission to Buenos Aires in the near future, as newly-installed Finance Minister Hernán Lacunza vows to stabilise currency.

CHANGES IN CABINET

Dujovne resigns from government with Lacunza set to replace him

17-08-2019 19:49 Hernán Lacunza to move from Buenos Aires Province government to replace Nicolás Dujove, after Treasury and Finance minister resigned post on Saturday. Lacunza's number two, Damián Bonari, to head Province's Economy Ministry

BLOOMBERG

Latin America's central banks poised to join global rate cut party

25-07-2019 09:52 Brazil, Peru and Mexico indicate rate cuts are on the cards, but Argentina remains the outlier.

BLOOMBERG

Goldman's special situations group sets sights on Latam fintechs

12-07-2019 06:37 After helping a firm expand into one of Brazil’s largest credit-card issuers, the Goldman group says other startups can offer more financial services to a greater share of Latin America’s burgeoning population.

BLOOMBERG

Chile’s Central Bank on its surprise cut: 'You had been warned'

10-06-2019 14:20 Chile’s Central Bank cut rates last week, seeking to shore up their economies against a worsening US-China trade war.

G20 SUMMIT

G20 finance officials pledge to protect global growth

10-06-2019 09:54 Finance ministers and central bank chiefs from the Group of 20 major economies wrapped up a meeting in Japan on Sunday with a pledge to use all the policies they can to protect global growth from disruptions.

BLOOMBERG

A common Brazil-Argentina currency? A 'distant mirage' for now

10-06-2019 09:09 Worried about possible noise caused by the discussion, Brazil’s Central Bank issued a statement late at night on Thursday denying there are ongoing plans or even studies for a monetary union with Argentina.

CRISTOBAL COLÓN

Columbus, the mystery, and the beginning of foreign debt

04-08-2018 10:36 Columbus was kindly backed by the Catholic king and queen of Spain but the sponsorship did not include the funding.

by Andrew Graham-Yooll

CAMPAIGN FINANCING

New report finds Mexican electoral campaign flush with illegal funding

29-05-2018 12:29 Mexico's Central Bank has documented inexplicable increases in the amount of cash circulating in the economy in the five months before elections.

ECONOMIC QUESTIONS

Easter obligations

31-03-2018 10:44 The more cautiously you cut state spending, the more you need to finance the publicsector borrowing requirement by incurring debt – a time-bomb which has usually proved to be the detonator in Argentina’s explosive economic history.

by Michael Soltys

FINANCE MINISTERS AND CENTRAL BANK CHIEFS

Little mention of trade in statement as G20 officials issue communiqué

20-03-2018 18:27 Treasury Minister Nicolás Dujovne and Central Bank chief Federico Sturzenegger hail productive meetings at joint press conference marking end of key G20 meeting in Buenos Aires.

by James Grainger