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ARGENTINA: President Milei Discusses FX Controls, Due To Speak At UN Today

ARGENTINA
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  • Speaking in New York yesterday, President Milei said that the government would lift currency controls when the rate of inflation has fallen to zero. In August, consumer prices rose by another 4.2% m/m (vs. +4.0% previously), with the annual rate moderating to 236.7% y/y, but Milei said that if the impact of induced inflation is subtracted, then the monthly rate today is actually around 1.5%. Milei’s comments came as latest opinion polls show his approval dipping to 53% in September, from 55% in August, while his disapproval rating rose by 4pp to 47%.
  • Today, President Milei is due to speak at the UN General Assembly at 2030BST(1530ET), while Economy Minister Caputo will deliver a presentation to investors at JP Morgan’s offices in New York at 1800BST(1300ET).
  • No domestic macro data are scheduled for today, but latest economic activity figures are due tomorrow, with analysts expecting annual growth to remain well inside negative territory in July, even as activity rebounds slightly on the month.
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  • Speaking in New York yesterday, President Milei said that the government would lift currency controls when the rate of inflation has fallen to zero. In August, consumer prices rose by another 4.2% m/m (vs. +4.0% previously), with the annual rate moderating to 236.7% y/y, but Milei said that if the impact of induced inflation is subtracted, then the monthly rate today is actually around 1.5%. Milei’s comments came as latest opinion polls show his approval dipping to 53% in September, from 55% in August, while his disapproval rating rose by 4pp to 47%.
  • Today, President Milei is due to speak at the UN General Assembly at 2030BST(1530ET), while Economy Minister Caputo will deliver a presentation to investors at JP Morgan’s offices in New York at 1800BST(1300ET).
  • No domestic macro data are scheduled for today, but latest economic activity figures are due tomorrow, with analysts expecting annual growth to remain well inside negative territory in July, even as activity rebounds slightly on the month.