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Economy & Business - January 2025

ECONOMIC HIGHLIGHTS

ARGENTINA | Boosting reserves with a repo. Argentina’s central bank (BCRA) on 3 January announced a repurchase agreement (repo) of BOPREAL Series 1-D bonds worth US$1bn with five international banks. The repo, aimed at shoring up international reserves, will be in place for two years and four months. The BCRA said it received offers for US$2.85bn at the 27 December auction but opted to secure just US$1bn. It will pay the secured overnight financing rate plus a spread of 4.75% on the repo line, equivalent to an annual fixed rate of 8.8%. Although the BCRA did not name the banks in question, sources consulted by the international press said that US financial institutions Citigroup Inc and JPMorgan Chase & Co, Spanish banks Banco Bilbao Vizcaya Argentaria SA and Banco Santander SA, and Chinese state-owned bank Industrial and Commercial Bank of China Ltd participated in the deal.

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