The real value of registered workers’ salary contracted 8% last year after having fallen 6.2% in 2018, according to a report by the consultant Ecolatina. “The loss of real income was widespread and had a correlation in consumption, which accumulates a drop of more than 10% since the peak of the first quarter of 2018, thus delaying the recovery of activity,” says the report.
In the last four weeks, the value of public securities in Argentine currency reached up to 145%, such as the 2020 Bonar, whose share price went from ARG$ 82 to ARG$ 200.95. In the last 7 rounds, the business with bonds issued in pesos already reaches 92.7% of the total operated last December, according to Mercado Abierto Electrónico (MAE). So far in January, increases in the prices of these issues accumulate more than 30%.
In October, the decrease in jobs amounted to 52,947 jobs compared to October 2018, according to the Argentine Industrial Union (UIA). Between October 2015 and the same month of 2019, the loss of formal private jobs in the economy as a whole was 229 thousand jobs, of which 167,400 were lost in the manufacturing industry.
President Alberto Fernández said he has set a March 31 deadline to renegotiate Argentina’s rampant public debt and that a more “innovative” International Monetary Fund approves of the direction his government is taking.“That is the ceiling we have set, because there are significant maturities,” Fernández said in an interview with the online news site El Cohete A La Luna.
Argentine representative Sergio Chodos takes office this week in Washington as the new director of the Southern Cone before the IMF. During meetings with Kristalina Georgieva and Luis Cubeddu, he will formally present President Alberto Fernández’ proposal for paying off $ 44 billion of the stand-by credit agreed in 2018.