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Milei Welcomes Uruguay President, BCRA To Repurchase Puts From Banks

ARGENTINA
  • President Milei will welcome Uruguayan President Luis Lacalle Pou for a meeting at the presidential palace at 2000BST(1500ET) today, where they will discuss security and terrorism. On the data front, the leading indicator for June will be published later. This will be followed by June trade and economic activity data tomorrow.
  • Yesterday, the government reported another primary surplus in June, reaching ARS 488.6bn, taking the YTD primary surplus to 1.1% of GDP. The nominal fiscal balance came in at ARS 238.2bn in June, taking the YTD surplus there to 0.4% of GDP. While real tax collection fell by 4.2% y/y in Q2, real primary expenditure fell by 30.2% y/y, driven by a slump in capital expenditure and sharp fall in energy subsidies.
  • In other news, the BCRA said that it is starting to offer banks the possibility of reselling their put options on sovereign peso debts. According to Bloomberg, bids will be received from 1500-2000BST(1000-1500ET) on July 17 and July 18. The BCRA will repurchase these securities from the holders for a value equivalent to the premium in pesos they paid, adjusted for inflation.
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