Weekly Report - 20 October 2022 (WR-22-42)

Massa grapples with economic challenges in Argentina

At the present rate Argentina could have over a dozen different exchange rates before the year is out. A combination of soaring inflation, a sinking peso, and dwindling international reserves prompted the economy minister, Sergio Massa, to introduce three different exchange rates last week targeting Argentines travelling abroad, imported luxury goods, and concerts by visiting international artists. This comes on top of separate exchange rates for soybean exports and tech exports already announced by Massa, who faces a daunting task to get the economy on an even keel ahead of presidential elections this time next year. His record could dictate whether the ruling left-of-centre Frente de Todos (FdT) coalition, wracked by divisions, particularly over economic policy, manages to hang together to contest them.

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