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BCRA Leaves Rate Unchanged, August Economic Activity Beats

ARGENTINA
  • Argentina's economic activity rose more than economists expected in August.
    • Argentina Aug. Economic Activity Rises 0.4% M/m; est. -0.5%
    • Argentina Aug. Economic Activity Rises 6.4% Y/y, Est. +4.0%
    • Argentina's trade surplus was $414m in September, according to the National Institute of Statistics and Censuses.
  • Argentina’s central bank board of directors left the key interest rate unchanged at 75% after its Thursday meeting, according to a statement.
    • The BCRA said it decided to hold the rate because core monthly inflation slowed to 5.5% in September, below the headline rate, and that its members are paying attention to inflation and currency markets.
    • Officials also emphasized commitment to “attentively controlling the evolution of monetary aggregates” (Bloomberg)
  • In other news:
    • Argentina’s government freezes prices of appliances for 90 days (BBG)
    • Argentina and Santa Fe province will hold a tender for a $180-million aqueduct (BBG)

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