The gap between the official dollar and the blue, which is around 80%, together with the impossibility of maintaining its position in dollars, discourages the grain trade and this hits the government's coffers hard. Today producers have in their possession 18.5 million tons of physical soybeans available, and 8.2 million tons delivered to fix and without a price, which means around $10 billion in foreign currency -more than necessary for the Argentine economy in the last part of the year- but the truth is that they are far from accelerating their sales to finance the next campaign and this notices.
Day: August 25, 2020
Retirement: Government formalizes 7.5% increase since September
The Government made official the 7.5% increase for retirees and pensioners as of September. Thus, the minimum credit will be 18,129 pesos ($246), while the maximum will be 126,897 pesos ($1,722). With this increase, eight out of every ten retirees will beat accumulated inflation so far in 2020 by nearly 22%.
Cars over $26,200 will pay “luxury” tax
As of September 1, cars over $26,200 will pay internal taxes at a rate of 20% corresponding to the first scale of this tax. This tax will begin to impact from the lowest level since its application. In the last adjustment, it applied to vehicles over $27,400. Meanwhile, the second scale will have a 35% tax surcharge starting with models valued at $48,404. It is due to the 6.42% adjustment corresponding to the April, May and June quarter, which arises from the Wholesale Price Index System (SIPM) and will be in effect until the end of November, according to calculations made by automakers.
The government announced the production of new aircraft of national output with an investment of $2.5mn
The government announced that Argentina would begin manufacturing a new military training and primary civilian use aircraft. It is the IA-100 "Malvina", which will be produced by Fábrica Argentina de Aviones S.A. (FADEA) and financed through the Institute of Financial Aid (IAF). The aircraft will require an investment of $2.5 mn and will be the first mass-production project of an aeroplane, after the IA-63 Pampa, an advanced training ship and emblem of the factory based in Córdoba.
Construction upturn: 54% of the works are in regular progress
The slight but gradual recovery of the economy after the abrupt closures due to the COVID-19 pandemic reflected in the improvements observed in the construction sector, which is essential in driving other activities and generating employment. More than half of the works with contracts in force until July 31 are already under regular development, an improvement of 20 points was observed in recent months, as the figure rose from 34% to 54%.
Electricity demand grew 1.2% year-on-year and 13.3% monthly in July
The electricity demand grew by 1.2% year-on-year in July while presenting a monthly increase of 13.3%, according to the Foundation for Electric Development (Fundelec). The improvements drove by household consumption.
