BROADCASTS.com

These are some of the Trending news in Argentina on Thursday February 16 2023.

Ordinary Argentines have volunteered their time to police stores’ adherence to price controls proposed by the government to curtail spiraling inflation. The program called Precios Justos (“Fair Prices”) applies a 3.2% monthly price hike limit to some 2,000 essential products. All major supermarket chains as well as Argentina’s massive COPAL food and drinks producers group have signed up to the program. However, most smaller independent stores, which serve millions of Argentines, remain outside the framework and sometimes charge prices double the suggested rate. Producers and vendors who sign up to the price agreement risk fines for non-compliance of up to 71 million pesos (around US$370,000 at Tuesday's exchange rate) from the authorities. Inflation in Argentina hit 6% in January and continues to spiral out of control.

Argentina's local debt auction on Wednesday will be a test of local investors' appetite for government peso debt, as the annual inflation rate soars to 99%, the highest in three decades. The Treasury aims to refinance around US$1.6bn of local debt, more than half of the US$2.6bn of government securities that mature in February. The sale of discount Treasury bills, inflation-linked bonds and other securities will last until 3pm Wednesday. Argentina has accumulated a debt burden of around US$174bn while being cut off from global credit markets, offering higher interest rates and shorter maturities to attract investors. Analysts fear investors will refuse to refinance the securities before the October presidential elections, which could trigger Argentina's second local currency debt default in four years.

For more Headlines simply search ‘Auscast Argentina News Headlines’ on your favourite podcast app.

See omnystudio.com/listener for privacy information.