Fausto Spotorno News
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The surge in demand for dollars in Argentina that increased the black-market price to a record 10 pesos per dollar is causing banks to ratchet up deposit rates as they try to lure back savers.
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Yields on Argentine three-month notes are poised to fall after declining to a 10-week low as the central bank prints pesos faster than anticipated.
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Argentine capital flight accelerated to the fastest pace in at least 10 years last quarter as investors concerned about inflation and a weakening peso pulled cash out of South America’s second-biggest economy.
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Argentines are lining up at banks again. This time, they’re leaving with loans.
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Argentine securities linked to gross domestic product are outperforming the country’s dollar bonds by the most in two months as the economy grows at the fastest pace since 2005.
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Argentine capital flight slowed from a record pace in the fourth quarter after President Cristina Fernandez de Kirchner tightened controls in the foreign exchange market and forced companies to repatriate export revenue.
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Argentina’s central bank plans to keep injecting cash into the economy at the current pace, a move that may further stoke inflation that’s already among the fastest in the world.
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Argentina’s second credit-rating increase in the past two months means its bonds are now trading at a 2.5 percentage point discount to its new peers.
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