The Argentine government slapped Prometeon, a licensee of the Milan-based tire manufacturer Pirelli, with a US$20 million fine on Thursday for over-declaring the value of its imports by that sum. According to an investigation by Argentina’s tax and customs authorities, from 2020 to 2022, Prometeon regularly sent tires …
The board of the Central Bank approved today the issue of the AR$2000 bill (US$10.66 at the official rate and US$5.63 at the MEP rate at the time of writing). It will become Argentina’s highest-denomination bill. According to sources close to the matter, the new bill could be …
Shoppers who have never set foot in Argentina have been scoring massive discounts on online purchases by setting the payment currency to Argentine pesos. The trick, which meant their transactions were processed at the “foreign tourist dollar” rate intended for international visitors to Argentina, was used as far …
Argentines are increasingly looking to stablecoins as a way of saving in the face of government exchange restrictions, a report by Americas Market Intelligence (AMI) revealed. Cryptocurrencies allow users to save without hoarding stacks of the greenback under their mattresses – but experts warn that many of these …
The Central Bank has once again enabled banks to place peso investments in Mutual Funds, after a surprise rate hike that aimed to contain dollar prices sparked controversy this week. This way, the BCRA gave a hand to banks, as interest rates were outdated and they were starting …
The Argentine market regulation office (CNV) is seeking to expand its current information exchange agreement with its American counterpart, the SEC, sources inside the CNV told the Herald. After the opposition raised suspicions regarding a potential leak of information regarding the US$1 billion sovereign debt buyback announced last …
Credit ratings agency Moody’s reported that Argentina’s US$1 billion sovereign debt buyback announced last week constitutes “a default under our definition”. The agency called the buyback, which mainly involves two dollar-denominated bonds that mature in 2029 and 2030, a “distressed exchange,” which qualifies as a default according to …
The government is paying US$1.4 billion in interest to the International Monetary Fund (IMF) in the coming days. The interest payment is the last before Argentina resumes technical conversations with the agency’s staff, which are expected to happen in late February and early March. In the talks, the …
The Central Bank raised the one-day repo rate for mutual funds on Monday, in another attempt to contain the escalation of the parallel exchange rates. According to the Central Bank B12465 resolution, the repo rates for mutual funds will now be 95% of the repo rates for banks, …
