Argentines will on Sunday move a step closer to deciding who will run the $600 billion economy engulfed by a deep crisis that involves runaway inflation, a dearth of U.S. dollar reserves and an electorate with little trust in its currency.
Supporters of Argentina's presidential candidate Patricia Bullrich of Juntos por el Cambio party attend the closing event of her electoral campaign ahead of the October 22 general election, in Buenos Aires, Argentina October 19, 2023.
Recent rising government spending was "being financed by central bank monetization, which had the unintended consequence of fueling inflation expectations even further," added di Bernardo. Argentina's monetary base is just over $20 billion at the official exchange rate of 350, but drops to $8 billion at the black market rate. Excluding a currency swap line with China announced on Wednesday, forex reserves are negative.
"The reality is sobering in the sense that Argentina has just too much debt," said Zulfi Ali, portfolio manager with a focus on Latin America for PGIM. "Debt does not need to be an immediate priority," said Khan, who doesn't expect dollarization to top the near-term list either.
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