International investment in the second quarter of this year reached $330.02 billion, according to data from the National Institute of Statistics (Indec). Of that total, $228.26 billion correspond to 'Other investments', which represent the total savings that Argentines have outside the local banking system. This, for example, includes funds that citizens with local residence have in bank accounts in the United States, Spain, Brazil, Uruguay or any other country.
Day: October 2, 2020
BCRA will allow managed peso float to close 93% gap with informal exchange rate
Argentina's Central Bank said that it would allow a managed float of the peso currency and abandon its current "uniform daily devaluation" strategy. The move comes with the gap between the official exchange rate and the exchange rate quoted in the country's informal currency markets close to 93% due to the distrust of investors and strong black market demand for dollars.
In September, grain exporters sold off $1.787bn
In September, grain exporters sold off $1.787 billion, 14% less than in the same month in 2019, according to a report by the Argentine Oil Industry Chamber (Ciara) and the Center of Grain Exporters (CEC). In the first nine months of this year, exports reached $15.133 billion, 12.68% less than in the same period in 2019.
Argentina temporarily cuts soy export taxes to 30% in bid to boost foreign reserves
Argentina has temporarily cut soybean, soymeal and soyoil export taxes by 3 percentage points to 30% to help stimulate export revenue, as the country struggles with recession and dwindling foreign reserves. The tax cut will last until the end of the year before being restored to 33% in January. “We seek to strengthen the country’s international reserves,” Economy Minister Martin Guzman said in a televised address.
Google to pay $1 bn over 3 years for news content
Google will pay publishers $1 billion over the next three years for their content, the company's latest effort to defuse tensions over its dominance of the news industry. The company said that it has signed agreements for its news partnership program with nearly 200 publications in Germany, Brazil, Argentina, Canada, the U.K. and Australia.
