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Argentina's Guzman says inflation rate to slow as peso depreciation moderates

  • He said that his previously disclosed goal of having a new IMF deal by May was not a hard target. "I said that May is acceptable, but it does not mean that May has to be the date," he added.
16 Mar 2021

BUENOS AIRES: The depreciation of the Argentine peso will slow over the months ahead, leading to a slowdown in inflation, Economy Minister Martin Guzman said on Monday.

In a television interview, Guzman said consumer price growth in the country would slow to 29% this year from 36.1% in 2020.

"The depreciation rate of the currency is going to go down and that is going to have an impact on prices. Inflation is going to go down month by month," Guzman said.

The depreciation of the peso against the dollar was 3.7% in January, 2.9% in February and in March it will be yet lower, said Guzman.

The official peso depreciated 0.23% on Monday, to 91.07 per dollar.

The government is negotiating with the International Monetary Fund (IMF) to revamp a $57 billion standby financing deal from 2018, $44 billion of which had been distributed.

"What we are doing is negotiating to obtain an agreement that will serve Argentina. Not just any agreement," said Guzman.

He said that his previously disclosed goal of having a new IMF deal by May was not a hard target. "I said that May is acceptable, but it does not mean that May has to be the date," he added.

Guzman said the country faces debt payments to the IMF this year of about $4.8 billion and another $2.5 billion to $2.7 billion owed to the Paris club of country creditors. The minister is seeking to refinance the government's debt with the Paris club as well.