Monthly

In a sudden change in policy in March, the Central Bank moved away from the floating exchange rate and decided to intervene to stabilize it at around AR$ 20.20, following three months in which the depreciation of the currency accumulated almost 20%. We believe that this change in policy will be sustained for the nex...

The year began as the previous one had finished, with a shaken exchange market and growing uncertainty as to whether inflation will be able to moderate at the desired pace. The exchange rate continued to depreciate in January (4.7%) and so far this month has surpassed 20.00 ARS/USD, without the intervention of the ...

In November the Government took advantage of the great results in general elections of October and presented a package of reforms. Some of them have been already approved by the Senate and will be discussed in the Lower House. The tax reform stands out: it includes a new financial revenues tax for individuals, chang...

September brought good news regarding economic recovery: the INDEC published the GDP figures for Q2 of 2017, which reflected the steady progress of economic activity again (0.7% q/q s.a. and 2.7% y/y). Unlike the demand’s behavior over the last few years of growth, this time investment led the recovery. However, wa...