Argentina announced late on Friday a package of tax and customs benefits for the oil and gas industry meant to attract dollars to the South American nation, which is battling crippling inflation and a low level of foreign currency reserves.
Argentina's central bank raised its benchmark interest rate by 950 basis points on Thursday as the country struggles to keep a lid on spiraling inflation that rose to a 20-year high of 71%, according to new data.
Argentina is planning to give tax and customs benefits to oil companies so they can boost production, the country's new economy "superminister" said on Thursday. The move comes as the country seeks to turbo-charge investments in the Vaca Muerta shale formation, the world's fourth-largest shale oil reserve and the second-largest for shale gas.
Argentina's monthly inflation was 7.4% in July versus a month earlier, the government's INDEC statistics agency said on Thursday, above analysts' forecasts for a 7.2% increase in consumer prices. Inflation in the 12 months through July hit 71.0%, as the South American country battles surging consumer prices.
Argentina is planning to give tax and customs benefits to oil companies, the country's new economy "superminister" said Thursday. The country continues to work on regulations allowing oil companies operating within its borders to access foreign currency if they increase production, Economy Minister Sergio Massa said.
Argentina's central bank raised its benchmark interest rate by 950 basis points to 69.50%, on Thursday, as the country struggles to keep a lid on spiraling inflation. The benchmark 'Leliq' rate for the 28-day term was set at 69.5%, shooting up from the previous 60% annually.
Argentine national oil company YPF is increasing its forecast 2022 capital expenditures by some 10% to $4 billion, on inflationary pressures and above-expected activity, executives said on Thursday.
Argentina's industrial output grew 6.9% in June from a year ago in non-seasonally adjusted terms and rose 2.6% in seasonally adjusted terms from May, the government's INDEC statistics agency said on Tuesday.
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