Government launched productive investment credits for SMEs, the first tranche is $235.05mn

The Ministry of Productive Development launched the LIP Pymes Productive Investment Line which is already available in 21 public and private banks. These are loans with subsidised interest rates with funds from the portfolio held by Matías Kulfas, which will finance projects of up to AR$70 million ($822,683.40) per company, with a first tranche of AR$20 billion ($235.05 million).

Moody’s keeps a negative eye on credit in Latin America

Moody's expected that the credit outlook for Latin America will remain negative for the next "12 to 18 months" due to the COVID-19 and this will affect sovereign issuers. According to the US firm, despite the growth outlook that points to an economic revival in 2021, "increasing social pressures will hinder governments' ability to restore lost fiscal space", which will put pressure on credit quality in the region.

Port strikes keep up disruptions in Argentina

Strikes by crop inspectors and maritime workers are prolonging disruptions at grain terminals in Argentina, keeping soy traders alert even as other protests from oilseed crushers have abated. The strikes have snarled shipments, affecting powerhouse agricultural traders like Cargill Inc and Bunge Ltd and rallying markets to multi-year highs.

Central Bank limits import of luxury goods to slow outflow of dollar reserves

The central bank of Argentina on Wednesday imposed a new rule limiting the import of foreign luxury goods as part of its effort to stanch the leakage of its own international currency reserves. The new rule states that importers will have to get their financing from overseas or wait a year to pay their overseas supplier, all in an effort to slow outflow of central bank dollar reserves.