Argentina's Central Bank (BCRA) sold about $1.615 billion of its reserves in September to defend the country's beleaguered peso currency. This is the largest amount of reserves sold in the last 11 months since October 2019. It is estimated that between 45% and 50% of the total loss of reserves in September (some $700 to 750 million) was registered after the BCRA blocked people's access to the exchange market and cut back on the sale to many companies to pay off financial debts.
Argentina is expected to export about 870,000 tonnes of beef to China this year, matching last year's exports despite the global Covid'19 pandemic. Argentina is a major global food suppliers and China is an avid consumer of its beef. About 75% of Argentine beef exports were destined for the Chinese market last year, according to government data.
Vehicle sales during September reached 34,705 units, an increase of 13.3% compared to August, marking a recovery within the six months of social isolation due to the Covid-19 pandemic. However, at an annual level, a drop of 3.9% was registered.
Data by the government’s official statistics agency Indec showed that the poverty rate rose to 40.9% in the first six months of 2020, a significant uptick from 35.5% in the second half of last year. The 40,9% is equivalent to some 18 million people. Argentina’s economy contracted a record 19.1% in the second quarter versus a year earlier as the Covid-19 pandemic crippled production and demand, and is on track for a 12% economic plunge in 2020, analysts say.
Echo Energy PLC revenues for the first half amounted to $5.6 million, comprising $3.5 million from gas sales and $2.1 million. The Argentina focussed group told investors that it continues to make selective and highly targeted investments to build its production and development base.