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Economy Ministry Unveil Further Measures, Triggering Renewed Inflation Concerns

ARGENTINA
  • The economy minister Massa is ramping up public spending further ahead of the late-October elections, this time by pledging to pay cash directly to informal workers of ARS 94,000 (~$270). The spending will be covered by an extraordinary tax on the banking sector and other firms that the government have identified as having benefited from currency devaluation.
  • Separately, the government are to allow oil and gas firms to sell 25% of their USD export proceeds at the blue-chip swap rate, rather than at the official rate for a period covering the next 60 days, according to a finance ministry statement.
  • The economy minister identified the move as boosting USD supply across markets, thereby mitigating speculation across markets pre-election.
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