BCRA launches financial tool to boost exporting SMEs

The Central Bank of Argentina (BCRA) created a new financing tool for exports of small and medium enterprises. In a statement issued on Thursday, the BCRA authorises banks to grant loans in Argentine pesos to SMEs that will accrue the rate of change of the exchange rate plus a spread to be agreed between the parties. Local dollar loans to the export sector have decreased by $ 5.5 billion (35%) in the last four months.

Argentina Q3 current account deficit was $1.052 bn

Argentina had a current account deficit of $1.052 billion in the third quarter versus a $7.442 billion deficit in the same period last year, the National Institute of Statistics and Census (Indec) reportes on Thursday. The total gross external debt stock at residual nominal value at the end of September was estimated at $ 276.7 billion, which implies a rise from $ 255.5 billion from July-September last year.

Argentina asks Pimco to roll over debt as restructuring looms

Argentina’s government has moved quickly to sidestep a debt crisis, appealing to bondholders including Pacific Investment Management Co. to roll over maturing debt. Finance Secretary Diego Bastourre and his deputy, Ramiro Tosi, met with Pimco officials and local bondholders to persuade them to accept new notes in exchange for 24.5 billion pesos ($410 million) of bonds maturing on Monday

Argentine economy technically ends 18-month recession

Argentina’s economy grew in the third quarter 0.9% from the April-June period, its first quarterly expansion since 2017, technically ending an 18-month recession. Although it is faster than the 0.6% forecast by economists surveyed by Bloomberg, the country is poised to slip right back into recession, according to a Central Bank survey of economists who forecast quarterly contractions in the end of the year as well as in the beginning of 2020.