The last week of November in Argentina's economic sphere will begin with the evolution of the dollar's exchange rate following statements by Luis Caputo regarding loans with banks, while the INDEC will release key economic indicators. During the week, the Minister of Economy came out to deny the supposed $20 billion loan with banks, which he considered as 'just another operation'. Among these banks were JPMorgan Chase, Bank of America, and Citigroup. According to what Argentine News Agency learned, Caputo stated that it was another 'operation' aimed at 'generating confusion'. 'We never talked to banks about a rescue, nor about 20 billion. And we are working on another facility for another $20 billion and the Treasury Secretary already said so.' In this way, the focus will be on the market's reading of the latest events and a possible REPO (short-term loan) of $5 billion being negotiated with Argentina. The American newspaper The Wall Street Journal published an article detailing that this amount would be intended for Argentina to cover the maturities it will face in January, totaling $4 billion. The evolution of the dollar and interest rates will also be in the spotlight. At the close of the previous week, the blue dollar traded below the official rate, at $1,425 against $1,450, respectively. On the interest rate side, the Central Bank (BCRA) lowered the benchmark interest rate last Thursday from 22% to 20%, which led to a widespread drop in the returns of financial assets that arbitrage against it. Likewise, new economic indicators will be released by the National Institute of Statistics and Censuses (INDEC). These include the economic activity (EMAE) and sales in supermarkets, shopping malls, and wholesale self-service stores. On that occasion, Caputo had affirmed: 'There is a $20 billion swap. It is 'just another operation' with the sole intention of generating confusion'. Weeks earlier, however, the Minister himself had contradicted his statements on the LN+ program. These data correspond to September. Data on international tourism and public sector employment for October will also be released. For his part, Caputo will continue with meetings focused on the implementation of the structural reforms that the Government seeks to promote after electoral support, linked to the fiscal and labor areas.
