Poverty increased to 45% during the pandemic
In recent months, poverty grew by seven percentage points from 38% at the end of 2019 to 45%. The crisis generated by Covid-19 and the country’s weak economic structure hit employment and quality of life.
Sancor will have access to working capital for $21.26 million
The reactivation plan of the dairy cooperative SanCor is already underway, in the coming weeks will be established a trust through the Bank of Investment and Foreign Trade (Bice) with which the firm would access working capital of 1.5 billion pesos ($21.26 mn). The company currently processes about 650,000 litres of milk per day and expects in the medium term to bring that figure to 800,000 litres. The final plan is to reach in 2021, the 1.5 million litres per day.
Government presents improved debt offer at SEC today
The government is today submitting an amendment to the offer to restructure public debt in foreign currency under foreign legislation. The subscription period will expire on August 4 of this year. The Net Present Value (NPV) of the bonds offered ranges from 52.4 to 55.4 per $100 with new maturities in 2030, 2035 and 2046. The Discount bond yields a NPV of 61.8.
Peso-denominated loans to the private sector grew almost 46% in June
In June, loans in pesos to the private sector reached 2.28 billion pesos ($32.39 bn), registering a 45.8% annual increase. In the last semester, they grew 21.8%, which places them above the estimated inflation for the period. The growth concentrated in the second quarter of the year, where loans increased 14%, and during June they grew 3.6%.
Retail sales fell 34.8% in June
Retail sales in small and medium enterprises (SMEs) fell 34.8% compared to the same month in 2019. In the Metropolitan Area of Buenos Aires, the fall was 49.3%, the rest of the country the fall was 20.3%. The gap is explained because in rural municipalities, with controlled cases of Covid-19, began the flexible quarantine.
