Day: January 17, 2020

Central Bank cuts benchmark interest rate to 50% from 52%

Argentina’s central bank (BCRA) has cut its reference interest rate floor (Leliq) to 50% from 52%. Since December 19 to date, Fernández administration has lowered the interest rate by 13 percentage points. The BCRA also enabled a new 90-day fixed-term deposit in pesos that will be adjusted by the inflation rate and to which each bank will add a surcharge of at least 1%.

Argentina lemon exports to USA to triple

Argentina estimates that its fresh lemon exports to the United States could triple in two years to 30,000 tons in 2020, according to the U.S. Department of Agriculture’s Foreign Agricultural Service. Lemon exports from Argentina to the U.S. were 10,640 in 2018 and 23,179 tons from January to October 2019.

Interest payment debt was the expenditure that grew the most in 2019

The expenditure destined to the payment of the interests of the Argentine external debt in 2019 went from 3.7% to 4.3% of the Gross Domestic Product (GDP). This represented 19.4% of the total state expenditures. The approved initial credit increased by 18.1%, resulting in the interest of the debt the item of greatest variation (29.2%),” says a report from the National Congress Budget Office (OPC).