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Weekly Report - 28 August 2014 (WR-14-34)
ARGENTINA: Dollar on the rise again
While President Cristina Fernández continues to insist that life goes on in Argentina after the “credit event” (the government rejects the term “default”), one key indicator of business confidence is flashing red. At close of trading on 26 August, one US dollar was trading for Arg$14.20 on the black-market (the so-called ‘blue dollar’). The new record of Arg$14.20/US$1 brings the gap between the official and informal rates to 69%. The increased shortage of US dollars is likely to become more acute, putting even greater pressure on Argentina’s dwindling supply of foreign reserves. However, the government has denied there will be a repeat of January’s devaluation.
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