August started worse than July for the BCRA, which in just two days recorded net foreign exchange sales of $224 million. In July there was a substantial expansion of the monetary base due to financial assistance to the Treasury. It is an illusion to think about relaxing the clamp if the monetary entity continues to sell foreign currency instead of buying it. So far this year, the BCRA has recorded a loss of reserves of $1.37 billion, of which $687 million correspond to net sales in the foreign exchange market.
Day: August 10, 2020
IEASA reports loss of $118 mn for sale of 2 power plants
The state energy company IEASA requested to be a plaintiff in a case opened by irregularities in the awarding of the thermal power plants Ensenada de Barragán and Brigadier López. The buyers paid $118 million less than the $516 million established by the Appraisal Court and did so with dollar credits taken abroad.
China would invest $3.5 bn for pork production in Argentina
This week the Memorandum of Understanding between Argentina and China could be signed to boost the growth of the local pork sector and then export pork to China. Investments could exceed $3.5 billion over the next six years. It would accompany by the construction of 25 integrated units in several provinces where they will install feed processing plants, biodigesters, hatcheries, cold storage, and effluent treatment plants. Today, Argentina's pork production is around 700,000 tons and could double.
Credit card consumption grew by 37.5% in July
Credit card operations in dollars registered an increase in July and June of 37.5%, accumulating a rise in the last three months of 89%. However, the year-on-year fall reached 67.6%.
China is Argentina’s largest trading partner with $1.36 billion in June
According to an analysis by the International Strategy Institute (IEI) of the Chamber of Exporters, the exchange reached $1.36 billion in June. National exports totalled $666 million and imports $692 million, leaving Argentina's deficit at $26 million.
Buenos Aires launches comprehensive carbon-neutral plan for 2050
The city of Buenos Aires has just launched a comprehensive green plan to reverse the adverse effects of climate change and its impact, in line with the axes required by the Paris Agreement, to which Argentina signed up in 2016. It is working to reduce emissions of the leading greenhouse gases (GEis), which account for 13.1 million tonnes of CO2 according to the latest official measurements. It focuses on three key sectors with high participation in emissions: responsible energy of 58%, transport of 28% and residues of 14%. The initiative will seek to make the city carbon neutral by 2050
