Back
Last Monday, March 6, Economy Minister Sergio Massa and his team met with major private banks in Argentina and announced a call to swap debt for pesos. Banks joining the swap are voluntary, and they have until Monday, March 13, to do so. The participants agreed to exchange for two bond baskets: one consisting exclusively of inflation-adjusted securities (CERs) and the other with a combination of 70% CER-adjusted and 30% double bonds (whichever is inflation-adjusted or official). dollar until expiration), with expiration dates in 2024 and 2025. This would reduce the weight of debt instruments tied to the official dollar (“dollar-linked”).
From 1 April, a new preferential exchange rate aimed at the wine industry will apply: the “Malbec dollar” or “wine dollar”. The measure was announced last Sunday by Economy Minister Sergio Massa, and aims to improve the competitiveness of exports and help producers affected by adverse weather. Despite its name, this preferential dollar price will not only be implemented in the wine industry, but “all regional economies,” according to Massa’s comments during a Corporación Vitivinicola Argentina (CoVIR) breakfast to be held during the National Grape Harvest Festival in Mendoza. It is not yet known what the exact exchange rate will be, but the Agriculture Secretariat indicated to the media that they will work with the sector over the next 20 days on the details. Objectively” will be a package of measures. Incentives to come with the “Malbec dollar” include credits for harvesting and transportation, assistance to municipalities for emergency prevention, financial support from the IDB, investment in productive infrastructure for irrigation , and strengthening the National Program for the Prevention and Control of Lobesia botrana, the Grapevine Moth.
La Nacion: Malbec: this tipo di cambio preferred for vino
On Thursday, March 6, the Federal Oral Court No. 2 (TOF) issued the grounds for the conviction of Vice President Cristina Fernández de Kirchner in the trial of the so-called “Vialidad Case”. It is a 1,616-page document detailing their arguments for the decision of judges Jorge Gorrini, Rodrigo Giménez Uriburu and Andrés Basso. It should be noted that Cristina Fernández de Kirchner’s sentence is not final: the Vice President has 10 working days, starting from March 9, to file an appeal to the Federal Chamber of Criminal Cassation. In cassation, the judgment will be analyzed by judges Mariano Borinski, Gustavo Hornos and Javier Carbajo, as they have already intervened in other matters of the Violdad case. The three judges in charge of the case will call the parties to a preliminary hearing, where they will hear arguments over the coming months and will then have 20 working days to rule. If they do not rule favorably, the current Vice President of the nation will have the possibility to appeal to the Supreme Court by filing an extraordinary appeal, which if denied, can be appealed directly to the Supreme Court. which has no time limit to rule on the matter.
Cronista: Condemning Christina Kirchner: Tribunal reveals the fundamentals of the decision
With the new import system, SIRA, which came into force in October 2022, imports increased by 11%, but acceptance of applications fell by 4%, according to the first management report of the SIRA import system released by AFIP, the Customs Administration and Commerce Secretariat. Went. Between October and February, the first four months in which the program was in force, companies that became part of the “fair price” price negotiation program agreed to import US$3.5 billion. Of the 21,885 companies that applied between October and February, 19,048 were authorized, leaving over 2,800 companies out of the free and single exchange market (MULC). Of those occupied, 86% are small, 11% medium and 3% large. Larger companies (those importing more than USD 10 million) had better acceptance.
Ambito: Precios Justos ties up with US$ 3.500 million import
The Argentine Business Association (AEA), an entity that gathers the main holders of Argentine companies, held its first meeting of 2023, and through a press release highlighted the importance of the separation of powers and the need for an independent judiciary , referring to the conflict between the executive power and the Supreme Court as necessary conditions of the country’s development. The association also commented that requesting a more defined economic plan for the significant challenges that the country would inevitably face “will require very difficult and rigorous political and technical work that does not accept ad hoc arrangements”. Will do”. In addition, AEA announced the induction of five new members: Pierpaolo Barbieri, CEO of fintech ULA; Claudia Álvarez Argüelles, President and CEO of Álvarez Argüelles Hoteles, an Argentine hotel chain; Martin Castelli, chairman of Blue Star Group, which markets women’s goods; Ignacio Lartirigoyen, co-founder and president of Lartirigoyen & CIA, a company in the agribusiness sector; and Enrique Duhau, president of the agricultural and livestock company AE Duhau.
Information: La Association Empresaria Argentina Alerto Por La Alta Inflation and Lamo a Resper Las Institutions
