the latest call for tenders and the new Central Bank report

From 10 a.m. to 3 p.m., the Ministry of Finance will receive offers of discount treasury bills maturing on December 31, January 31, 2022 and February 28. To this will be added another Lete, adjusted by CER (inflation) and with a discount, due on July 29 of next year.

The fifth security put up for auction is a bond in pesos linked to the dollar rate, plus a rate of 0.30%, with closing on April 28, 2023. All instruments will be auctioned by price indication, which They will not have a minimum or maximum price. For all instruments, there will be a competitive tranche and a non-competitive tranche.

The Treasury will have to cover maturities for 198,000 million dollars during October. This is the largest financial obligation remaining in the year, as those for November and December are less than $ 100 billion.

Industrial manufacturing production index

The Manufacturing Industrial Production Index (Manufacturing IPI) comprises a comprehensive survey of all economic activities that make up the manufacturing industry sector, with coverage for the entire country. According to a Productive Development study carried out two weeks ago, industrial production increased by 3.2% in August compared to the same month of 2019. Between January and August, the industry produced 4.8% more than at the same period of 2019.

Construction

This Thursday, INDEC will publish the study of activity indicators for construction activity for the month of August. According to the latest report, the synthetic indicator of construction activity (ISAC) rose 19.8% in July compared to the same month in 2020. This is the ninth consecutive increase over one year, after declines at the start of the pandemic. Thus, between January and July, it accumulates a growth of 53.3% over one year, also exceeding the period January-July 2019 by 1.1%.

Market Expectation Survey (MAR)

This survey allows a systematic follow-up of the main macroeconomic forecasts in the short and medium term on the evolution of the Argentine economy and is generated from a survey carried out among specialized persons, both in the country and abroad.

The survey is carried out on the last 3 working days of each month, on expectations of retail prices, the interest rate, the nominal exchange rate, the level of economic activity and the first result of the national non-financial public sector. .

The last MER, the market corrected its estimates for the remainder of 2021: retail price inflation for 2021 will be 48.4% and real Gross Domestic Product (GDP) growth is expected for 2021 of 7.2 % (+ 0.4 pp compared to the previous survey), after registering a drop of 9.9% in 2020. On the other hand, REM analysts have adjusted their monthly exchange rate projections downwards. nominal and expect it to hit $ 105.75 per dollar in December 2021, forecasting it to hit $ 154.5 per dollar by the end of 2022.

Monthly monetary report

Last Thursday, the Central Bank will publish the Monthly Monetary Report which analyzes the evolution of the monetary base, broad monetary aggregates and deposit interest rates, loans to the private sector and active interest rates, bank liquidity. , international reserves and the currency market, financial indicators.