April 24, 2014

Close at US$30.78B

Wednesday, December 4, 2013

Reserves plunge US$116M

The Central Bank’s international reserves continued dropping yesterday, declining US$116 million, and closed at US$30.784 billion. The reserves begun the week at US$30.9 billion but dropped yesterday, kicking December off with a decrease.

In November, reserves dropped US$2.433 billion, or 7.32 percent, the most important drop since January 2006. Overall, reserves dropped US$1 million every 11 minutes during the 19 November work days.

So far this year, reserves have dropped US$12.491 billion, or 28.85 percent, a monthly drop of US$1.135 billion. The last time the Central Bank’s reserves were at a lower level was in December 22, 2006, when they totalled US$31.511 billion.

In the new economic team’s first apparent step to conserve dollars, the government has presented a bill that would increase taxes on high-end cars and other imported luxury goods. The bill has already been passed by the Lower House and will soon be debated in the Senate. This is in addition to yesterday’s tax increase on foreign currency for tourism.

The Central Bank also reported yesterday that foreign investments in Argentina reached US$2.035 billion in the first nine months of the year. Up to US$778 million were received in the third quarter, 11.9 percent more than the second quarter. Foreign investment reached US$3.476 billion last year and US$3.239 billion in 2011.

Herald with DyN

De Vido seeks funds abroad.

Federal Planning Minister Julio De Vido yesterday began an international mission to Russia, China and Brazil to seek investment for works that would culminate in the the supply of 5,000 megawatts of energy in the country, Cabinet Chief Jorge Capitanich confirmed yesterday. De Vido’s Ministry said the projects mainly involve the expansion and construction of hydroelectric dams in several provinces, with Capitanich specifying the works would total around US$20 billion. The call for tender is schedule for April.

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