Weekly

Weigh the dollar anchor to start floating

Second week

of October 2016

The Argentine peso is slowly starting to float. This means that the peso is putting an end to an historical attachment to the US dollar and it is joining the common movements that the regional and emerging currencies exhibit. This is already beginning to take place. Letting go of the historical anchoring to the US ...

Chapeau on the 5-year placement in pesos at 18.2%

First week

of October 2016

Last week the Government placed ARS 50 billion in a 5-year bond at fixed rate in pesos of 18.2%. This was unimaginable not only a year ago, but just a few weeks ago. This was a great success for the Government, due to the amount and the rate, which allows it to continue forging its strategy: it virtually fulfilled i...

Public debt with private creditors in 2017 would increase almost 2 points up to 21% of GDP

Public debt with private creditors in 2017 would increase almost 2 points ...

Fourth week

of September 2016

Next year the primary deficit would be around 4% of GDP according to the budget. After the payment of interests, the fiscal deficit would rise up to 6% of GDP. However, close to half of those interests are collected by the public sector, given that half of the public debt is mainly in hands of ANSES and, to a lesser...

A realistic budget that does not bring surprises for 2017

Third week

of September 2016

The draft for the national budget bill for 2017 that was presented last week is founded on realistic macroeconomic guidelines, which are quite in line with the market’s expectation. This is an institutional advance that deserves to be valued. This is taking place for the first time after ten years of institutional ...

In the game of expectations, something unexpected must happen

Second week

of September 2016

The expectations of inflation for the following year are still over the Central Bank’s target. Even though it is anticipated that both inflation and the policy rate will continue to decrease in tandem over the next few months, expected inflation is still higher than what the entity would like to see. In order for th...

Falling rates leads to economic recovery

First week

of September 2016

Last week the Government issued debt in pesos at a fixed rate of 22.75% for an 18-month period. The message from the market, which is always forward looking, is conclusive. For those who still have not noticed, the 35-day Lebac rate was 38% only last May. Sports have taught us that points are not all worth the same...

How to reach and go through the Route 17 without distress

Fifth week

of August 2016

Inflation will continue to slow down this year, but it will remain unstable due to the changes in tariffs. Due to the retraction in the gas tariffs increase established by the recent Supreme Court’s ruling, there will be a reduction in the INDEC’s CPI for the Greater Buenos Aires of -0.7 percentage points in August...

The scope of the Supreme Court’s ruling

Fourth week

of August 2016

While the immediate effects are limited, it brings about some risks for the Government in case the hearings are delayed or if they extend to new segments. In particular, the Supreme Court annulled the increases in gas tariffs within the residential sector last Thursday, forcing them to bring them back to March level...

Conditions to sustain a “healthy” growth

Third week

of August 2016

Argentine economy has been going through a long stagflation during the last few years. In order to grow "healthy" and maintain that growth over time, it is necessary to permanently increase the rate of investment on GDP. However, that will not be enough. The complex but yet possible challenge is to achieve growth wi...

It is the tax cut, dear friends

Second week

of August 2016

The slow growth of tax revenues stems more from the tax cuts carried out at the beginning of the year than from the current lower level of economic activity. Most of it corresponds to the income tax, among which one can highlight the retentions on currency purchases, credit card spending and tourism abroad that are ...

Weekly Reports

Weigh the dollar anchor to start floating

Weigh the dollar anchor to start floating

Chapeau on the 5-year placement in pesos at 18.2%

Chapeau on the 5-year placement in pesos at 18.2%

Public debt with private creditors in 2017 would increase almost 2 points up to 21% of GDP

Public debt with private creditors in 2017 would increase almost 2 points ...

A realistic budget that does not bring surprises for 2017

A realistic budget that does not bring surprises for 2017

In the game of expectations, something unexpected must happen

In the game of expectations, something unexpected must happen

Falling rates leads to economic recovery

Falling rates leads to economic recovery

How to reach and go through the Route 17 without distress

How to reach and go through the Route 17 without distress

The scope of the Supreme Court’s ruling

The scope of the Supreme Court’s ruling

Conditions to sustain a “healthy” growth

Conditions to sustain a “healthy” growth

It is the tax cut, dear friends

It is the tax cut, dear friends

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