Overview
- Argentina's economic team confirmed the peso will continue to appreciate toward the lower band of its exchange rate range, targeting approximately 1,000 pesos per dollar, without devaluation.
- Export duties are temporarily reduced but will revert to previous levels on June 30, as part of the government's broader tax reform plans.
- Officials advised agricultural exporters to sell grain now, citing expectations of a falling exchange rate and the limited window for reduced export duties.
- Outbound tourism surged nearly 99% year-on-year in March, while inbound tourism dropped 24%, reflecting the stronger peso's impact on travel dynamics.
- The government received a $12 billion IMF advance to bolster foreign reserves, with medium-term plans to transition to a floating exchange rate regime.