Government enables access to buy dollars from oil companies participating in the Gas Plan

The Board of Directors of the Central Bank of the Republic of Argentina (BCRA) decided that oil companies that registered in the Plan Gas 2020-2024 will have free access to the exchange market. They will be able to access foreign currency for the repatriation of investments, the income generated and maturity of capital and interest on financial debts for investments made as of November 16, 2020. Plan Gas is an initiative to produce 30 billion cubic meters of Argentine gas in four years; generating fiscal savings of $2.5 billion and foreign exchange savings of $9.2 billion.

José Martins, unanimously re-elected president of the Grain Stock

The meeting of the Grain Stock's Board of Directors held virtually and distributed the Executive. Mr José Carlos Martins was re-elected President. This year the President will be accompanied in the task by Mr Roberto B. Curcija, 1st Vice-President; Raúl C. Dente, 2nd Vice-President; Ricardo Forbes, Honorary Secretary; Horacio E. Botte, Treasurer; Rafael Aliaga, Assistant Secretary and Alfredo A. Paseyro, Protesor.

New steps to improve capital markets, including a $750mn bond auction

Argentina launched a series of measures with the idea of improving the performance of capital markets. The Ministry of the Economy announced a three-day reduction - from five current (parking) - for all current periods of permanence of marketable securities and thus encourage the intermediation process to increase the liquidity of local instruments. It adds that next month it will hold a $750 million bond auction.

Argentina is changing its monetary policy instrument

Argentina is changing the way monetary policy conducts, uniting two different benchmark rates in an attempt to reduce the cost of eliminating excess liquidity in market weights. The Argentine Central Bank (BCRA) perceives that its real monetary policy rate is somewhere between its repo and Leliq rates, or about 33%. Economy Minister Martín Guzmán said the government is looking to bring the different rates closer so that there is only a referral rate, between 32% and 33%.