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Argentina's 2013 economy to expand 4.6 percent: CB  Join our daily free Newsletter

MENAFN - 24/12/2012

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(MENAFN) Argentina's central bank president, Mercedes Marco del Pont, stated that in 2013, the country's economy will expand 4.6 percent from an estimated 2 percent in 2012, reported Reuters.

Pont said that drought and slowing economic growth in Brazil, Argentina's main trading partner, affected the country's economic growth during the current year, ending a boom period that began in 2003.

She said that the country's 2013 budget allocated USD7.97 billion in central bank foreign reserves to pay debt next year, however, without payments coming due on the gross domestic product (GDP) warrants, there will be a surplus in funds.

The warrants, which are securities issued as a deal sweetener during Argentina's 2005 and 2010 debt restructurings, are only disbursed when annual growth exceeds a certain threshold, with the payment made in December of the next year.

The chief noted that what is not paid on the GDP warrants will be able to head towards public investment, only if this has a neutral monetary impact.

 






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