Macroeconomic Forecast Argentina

BMI View: Argentina's foreign exchange reserves declined for the third consecutive month in October to US$47.5bn, down by 8.5% y-o-y and by 2.2% m-o-m. Given the government's plan to trim reserves by US$5.7bn in 2012 to pay off debt as well as the central bank's recent intervention in the foreign exchange market to prevent an excessive depreciation of the peso, we are revising our 2012 foreign reserves forecast lower to US$38bn from USD$45bn previously.

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