The Central Bank would only have $4.5 bn of liquid reserves left to intervene in the exchange market

Although reserves remain at levels of $43.2 billion, in reality, there is less and less available to intervene in the foreign exchange market. It estimates that only $4.5 billion is available. It's a little more than 10% of the institution's gross reserves, a figure that is permanently monitored by the institution's board of directors, which is on alert due to its rapid decline.t This is the last line to defend the exchange rate.

Argentina will lose $40 mn due to the suspension of the import of oranges in Europe

The decision of the European Union (EU) to temporarily ban the entry of Argentine citrus fruits, due to the appearance of Mancha Negra (Phyllosticta Citricarpa) mainly in the exports of lemons produced in the Northwest of Argentina, will generate enormous damage to the sector. Now the measure will impact on shipments of oranges and tangerines, grown in Entre Rios and Corrientes, with a loss of about 40 million dollars.

CGC oil company lost $24.2 million in the first half

Compañía General de Combustibles (CGC) lost in the first half of the year 1.77 million pesos ($24.2 mn), as reported in a note to the National Securities Commission. CGC is the leader in gas production in Argentina's Southern Basin and is the co-controlling shareholder of the largest gas transportation network in the north and centre-west of the country (TGN, Transportadora de Gas del Norte), with connections to Chile, Bolivia and Brazil. Its specialization is the exploration and production of hydrocarbons (upstream) in the Austral Basin.

Argentine ADRs sank up to 7%

In a negative day for emerging markets, Argentine stocks traded on Wall Street suffered sharp declines, some close to 7%, while country risk hit a high of 2,131 points in August on the same day that the Argentine government submitted the new debt restructuring offer to the U.S. Securities and Exchange Commission (SEC).