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Inflation continued to slow in Argentina during the third quarter of 2017, although more slowly than desired by the country's central bank (BCRA), especially in its core components.
As a consequence, the BCRA decided to reinforce its monetary policy anti-inflationary bias in October and November with sharper interest rate hikes, said the central bank in the Financial Semi-Annual Report for the Second Half of 2017.
Meanwhile, the BCRA explains that the Argentinean economic growth has been consolidated, with high dissemination at the sectoral level and employment generation. A greater dynamism can be observed in sectors such as construction, financial intermediation, agriculture, fishing and transport and communications, according to the monetary authority.
Regarding the national government's fiscal situation, the primary deficit was around 4% of the Gross Domestic Product (GDP), consistent with the schedule of gradual reduction of the primary fiscal deficit (4.2% of GDP in 2017 and 3.2% for 2018).
Also, the BCRA noted that, in order to cover its financing needs for 2018, the government is expected to place more bonds in the international markets.
"The perceived risks in the debt market remain limited, with the yield curve of dollar bonds showing a contraction in longer-term rates," said the report.
