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Publicado: Vie Nov 11, 2011 9:33 am
DJ Argentina's Central Bank To Delay Release Of Key Forex Report
Of DOW JONES NEWSWIRES
BUENOS AIRES (Dow Jones)--The Central Bank of Argentina is delaying until December the publication of its quarterly foreign exchange market report that includes a key measure of capital flight, according to a person close to the bank.
The central bank now plans to release the report on Dec. 1 instead of its originally scheduled publication date of Nov. 10.
"We are adding more information to make it more complete," the person said.
The second-quarter foreign exchange market report put capital flight at $9.8 billion in the first half of the year, compared to $11.4 billion for all of 2010. BNP Paribas estimates nearly $8 billion fled the country in the third quarter alone.
Argentines and foreigners are seeking the perceived safety of the dollar as they bet inflation -- widely believed to be running between 20% and 25% -- will eventually force the government to weaken the peso at a faster pace to keep exporters competitive.
The delay coincides with a series of measures the administration of President Cristina Kirchner has implemented in recent weeks to boost U.S. dollar inflows and limit capital flight.
After winning re-election by a landslide on Oct. 23, Kirchner has forced oil, gas, mining and insurance companies to repatriate funds held offshore.
Last week, the tax authority started vetting requests by individuals and businesses seeking to buy foreign currency.
The measures have created anxiety amongst the public and a jump in the price of the dollar on the black market.
"The controls have scared people and that will probably explain more dollar demand looking forward, but sooner or later the peso has to move in line with inflation or inflation has to come down sharply, but the latter will demand creating an unnecessary recession," Gustavo Canonero, the head of emerging market economic research at Deutsche Bank, said in an interview.
Argentines still view the dollar as a safe-haven currency and are very sensitive to government meddling in the foreign-exchange market.
Those fears aren't unfounded given the country's long history of violent devaluations and previous governments' penchant for confiscating dollar deposits held in the banking system.
According to media reports this week, Argentines have started to withdraw dollars from local banks in recent days.
The central bank's weekly monetary report that includes data for U.S. dollar bank deposits is scheduled to be published on Friday
Of DOW JONES NEWSWIRES
BUENOS AIRES (Dow Jones)--The Central Bank of Argentina is delaying until December the publication of its quarterly foreign exchange market report that includes a key measure of capital flight, according to a person close to the bank.
The central bank now plans to release the report on Dec. 1 instead of its originally scheduled publication date of Nov. 10.
"We are adding more information to make it more complete," the person said.
The second-quarter foreign exchange market report put capital flight at $9.8 billion in the first half of the year, compared to $11.4 billion for all of 2010. BNP Paribas estimates nearly $8 billion fled the country in the third quarter alone.
Argentines and foreigners are seeking the perceived safety of the dollar as they bet inflation -- widely believed to be running between 20% and 25% -- will eventually force the government to weaken the peso at a faster pace to keep exporters competitive.
The delay coincides with a series of measures the administration of President Cristina Kirchner has implemented in recent weeks to boost U.S. dollar inflows and limit capital flight.
After winning re-election by a landslide on Oct. 23, Kirchner has forced oil, gas, mining and insurance companies to repatriate funds held offshore.
Last week, the tax authority started vetting requests by individuals and businesses seeking to buy foreign currency.
The measures have created anxiety amongst the public and a jump in the price of the dollar on the black market.
"The controls have scared people and that will probably explain more dollar demand looking forward, but sooner or later the peso has to move in line with inflation or inflation has to come down sharply, but the latter will demand creating an unnecessary recession," Gustavo Canonero, the head of emerging market economic research at Deutsche Bank, said in an interview.
Argentines still view the dollar as a safe-haven currency and are very sensitive to government meddling in the foreign-exchange market.
Those fears aren't unfounded given the country's long history of violent devaluations and previous governments' penchant for confiscating dollar deposits held in the banking system.
According to media reports this week, Argentines have started to withdraw dollars from local banks in recent days.
The central bank's weekly monetary report that includes data for U.S. dollar bank deposits is scheduled to be published on Friday
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