Similarities and differences between 2015 and 2023

Informes Mensuales


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Similarities and differences between 2015 and 2023

Enero 2023

If we could go back in time and try to find a year that looks like 2023 the answer is pretty obvious: 2015.  It was the last year of the Kirchner administration, which was struggling to get to the presidential elections in one piece.  It was fighting a man-to-man battle to defend reserves and avoid devaluation. The instruments relied on maintaining very tight foreign exchange and capital controls, combating inflation through intervention, and having utility rates and controlled prices that did not cover costs. The consequence was suffering a large spread between the official and the parallel exchange rates, relying on the Central Bank to finance a large fiscal deficit, and failing to have access to the financial markets. Essentially, a picture of the current situation.