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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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Argentina may post a current account deficit for the first time in a decade next year, raising concern that the peso will weaken further and become Latin America’s worst-performing currency for a third-straight year.
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YPF SA is using everything from a telephone hot line to radio ads to lure individuals after Argentina’s biggest oil company inundated the state pension fund and insurers with a record $1.2 billion of peso debt.
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The night before Graciela Bevacqua finished a report projecting the biggest monthly increase for Argentina’s consumer prices in more than four years, she told her three children she might quit her job as director of the inflation index.
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As an immigrant to Argentina in 1992, Zheng Jicong had to learn Spanish and adapt to local customs. As he’s built a chain of three supermarkets in Buenos Aires, he’s still adapting to inflation that’s about six times the rate in his native China.
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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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Argentine capital flight slowed from a record pace in the fourth quarter after President Cristina Fernandez de Kirchner tightened controls over the foreign exchange market and forced companies to repatriate export revenue.
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Argentina’s central bank cut dollar reserve requirements after bank deposits plunged $645 million last week following the government’s moves to restrict foreign exchange purchases in South America’s second-biggest economy.
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The biggest tumble in three months for Argentine warrants linked to economic growth is a signal to Royal Bank of Scotland Group Plc to buy the securities as the central bank steps up efforts to fuel the expansion.
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