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ARGENTINA: Economy Minister Caputo Says Capital Controls To End Next Year

ARGENTINA
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  • Speaking on Friday after the release of weaker-than-expected September economic activity data, Economy Minister Luis Caputo said that the government will eliminate capital controls sometime next year, without giving further details on timing. He also said that the crawling peg on the peso will slow if CPI inflation stays at current levels or slows further. He added that demand of pesos is still not 100% balanced with supply, which is another necessary condition to lift capital controls.
  • Meanwhile, the unexpected 0.3% m/m decline in economic activity in September, followed an upwardly-revised 0.9% m/m gain in August. On an annual basis, the pace of contraction still slowed to -3.3% y/y, from -3.7%, with analysts expecting the economy to shrink by 3.6% this year, according to the most recent BCRA survey.
  • Today, Finance Secretary Pablo Quirno is due to speak at Torcuato Di Tella University in Buenos Aires at 2200GMT(1700ET). No macro data are due, with the next release in the calendar scheduled to be November tax revenue figures next week.
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  • Speaking on Friday after the release of weaker-than-expected September economic activity data, Economy Minister Luis Caputo said that the government will eliminate capital controls sometime next year, without giving further details on timing. He also said that the crawling peg on the peso will slow if CPI inflation stays at current levels or slows further. He added that demand of pesos is still not 100% balanced with supply, which is another necessary condition to lift capital controls.
  • Meanwhile, the unexpected 0.3% m/m decline in economic activity in September, followed an upwardly-revised 0.9% m/m gain in August. On an annual basis, the pace of contraction still slowed to -3.3% y/y, from -3.7%, with analysts expecting the economy to shrink by 3.6% this year, according to the most recent BCRA survey.
  • Today, Finance Secretary Pablo Quirno is due to speak at Torcuato Di Tella University in Buenos Aires at 2200GMT(1700ET). No macro data are due, with the next release in the calendar scheduled to be November tax revenue figures next week.