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BCRA Renews PBoC Swap Line, May CPI Inflation Due

ARGENTINA
  • May CPI inflation data will be released at 2000BST(1500ET), with analysts expecting the monthly rate of inflation to slow further, to 4.95% m/m, from 8.8% in April. Annual inflation is expected to drop by around 10pp to 278.8% y/y. Meanwhile, President Milei is due to meet with IMF MD Kristalina Georgieva at the G7 meeting in Italy this week.
    • May National CPI YoY, est. 278.80%, prior 289.40%
    • May National CPI MoM, est. 4.95%, prior 8.80%
  • In other news, the BCRA said that it has renewed around $5bn of its currency swap line with the PBoC for another two years. This portion of the total $18bn swap line with the PBoC was due to expire shortly. The BCRA will begin paying down the swap in mid-2025.

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