Monetary Policy Report (IPOM), October 2023

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Summary:

Argentina's economic activity contracted in the second quarter due to a severe drought that mainly affected the harvest. While the non-agricultural sector maintained its level of activity, the formal employment in non-agricultural sectors continued to rise. The contraction in exports, decline in inventories, and reduction in private consumption were partially offset by an increase in investment. To address the impact of the drought, the Government and the Central Bank of Argentina (BCRA) introduced various measures, including changes to the official exchange rate, increased taxes on imported goods, and modifications to the Exporter's Program. The BCRA also adjusted its monetary policy to reduce inflation and stabilize the financial system. The BCRA plans to continue calibrating its policies to maintain a positive real return on investments, accumulate international reserves, and preserve the financial and exchange rate stability.

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