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Argentina Scrambles for Dollars Before Jan. 9 Bond Payment as New FX Bands, Pension Rules Start

The government navigates reserve pressure alongside a shift to an inflation‑indexed exchange‑rate band.

Overview

  • Argentina faces a roughly US$4.1–4.3 billion payment on January 9, with repo talks delayed and authorities turning to privatization proceeds and Treasury operations to bolster dollar liquidity.
  • The Central Bank’s November foreign-exchange data showed a US$1.163 billion current‑account deficit, while the blue dollar rose to about $1,530 and country risk hovered near 580 points.
  • The new exchange‑rate scheme dubbed Fase 3 will begin in January, moving the official band monthly in line with inflation from two months earlier, implying an initial 2.5% step tied to November CPI.
  • ANSES confirmed a 2.5% January mobility increase that lifts the minimum pension to $349,401.58 and set a $70,000 extraordinary bonus with eligibility capped at total income of $419,401.58.
  • Retirees whose combined benefits exceed $419,401.58 will not receive the bonus, and Economy Minister Luis Caputo signaled no room for an extraordinary increase, leaving its longer‑term path uncertain.