Experience and knowledge

to understand the economy and enhance finances

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Reports

We offer reports on the Argentine economic and financial situation, focused on key aspects such as the level of activity, fiscal accounts, inflation, interest rates and exchange rates.

Presentations

We make in-company presentations on the Argentine and international economic situation, adjusting to the client's needs.

Consultations

We are available for specific queries from our clients on current issues via phone or email.

Forecasting

We prepare detailed long-term economic forecasts and alternative scenarios for budgeting and decision making.

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Last Reports

Midweek 12 de junio de 2025

Anuncios importantes del BCRA. Esta semana, el Banco Central comunicó y/o formalizó una serie de cambios en la política monetaria, en coordinación con el Tesoro (para más detalles, ver la nota principal de este informe). En líneas generales, consideramos que los anuncios son positivos: apuntan a normalizar la política monetaria y facilitar la acumulación de reservas. Sin embargo, quedan algunas dudas sobre la implementación concreta de ciertos puntos.

Exchange Rate and Reserves: Two Sides of the Same Debate

The debate on the exchange rate has calmed down now that the dollar floats within the band and its value is determined by the market. It’s true that it’s still not a clean float because there are many exchange controls in place for companies, but the spread with parallel dollar rates has disappeared and the Central Bank is not intervening. Now, the discussion has shifted to the level of international reserves — in other words, it’s moved from prices to quantities, although ultimately both reflect concerns about the sustainability of the external accounts.

Base scenario – may 2025

The program with the IMF and the new exchange rate band scheme have been in place for almost two months without any major disruptions. Maintaining certain restrictions on companies has helped, while the Central Bank (BCRA) has begun intervening in the futures market.

Midweek 5 de junio de 2025

Se develan los candidatos. Poco a poco se va configurando el mapa electoral de cara a las elecciones de septiembre y octubre. Esta semana, Cristina confirmó su candidatura como legisladora bonaerense por la tercera sección y reapareció en los medios. Será interesante monitorear cómo evoluciona la opinión pública con esta reaparición y si genera algún impacto en los activos argentinos. Según las últimas encuestas, la imagen de Milei volvió a repuntar, y, salvo la aparición de un cisne negro, esperamos que el Gobierno obtenga un buen resultado en las elecciones.

The new political and economical outlook after the IMF agreement

The political and economic climate has markedly improved since Argentina signed the new agreement with the IMF. On the political front, the government scored a key victory in the legislative elections of the City of Buenos Aires, which was a local election with strong implications at the national level.  What would normally have been a minor election became a critical test of strength between Milei’s La Libertad Avanza (LLA) and Macri’s PRO. In the end, LLA secured nearly twice as many votes as PRO (30% vs. 16%), marking a major win for Milei and a serious setback for Macri, who lost a district that had been his stronghold in the last two decades.

Articles

Más rápido de lo que muchos economistas esperaban, el Gobierno va consolidando su objetivo de cerrar el año con déficit fiscal cero, mejora de las cuentas del Banco Central, y camino a la tasa de inflación de un dígito porcentual….

About Us

Miguel A. Kiguel

Ph.D. en Economía

Director

Graduate in Economics from the University of Buenos Aires and Ph.D. in Economics from Columbia University. Professor and researcher at the Di Tella University and academic advisor at FIEL

With vast experience as an advisor to multilateral organizations such as the IMF, the World Bank and the Inter-American Development Bank, as well as several Latin American countries, he held prominent roles in the financial sector, including the presidency of Banco Hipotecario S.A. and functions in the Ministry of Economy and the Central Bank of the Argentine Republic.

He was an Assistant Professor at the University of Maryland, and taught at institutions such as CEMA, Georgetown University, and Columbia University.

He is a columnist and author of numerous articles in international publications. Author of the book “The Argentine economic crisis, a history of adjustments and imbalances” with Sebastián Kiguel.

Kevin Sijniensky

Master in Economics

Chief economist

Graduate in Economics from the University of Buenos Aires and MSc in Economics from the University of Warwick (UK).

He was an economic consultant at the Inter-American Development Bank (IDB) and at Econviews. He also served as an advisor at the Ministry of Economy and the Ministry of Transport of Argentina.

Alejandro Giacoia

Economist

Bachelor of Economics (UBA).

Pursuing a Master’s Degree in Finance (Di Tella)

Pamela Morales

Economist

Bachelor of Economics (UCEMA).

Associate Professor of Macroeconomics UCEMA

Rafael Aguilar

Economist

Bachelor of Economics (UBA).

He was an assistant in the UBA National Accounts chair

Leila García

Economist

Bachelor of Economics (UBA).

Assistant in the UBA Argentine Economic History

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