Every call on Argentina comes down to the same question: when are things going to improve? Sadly, the answer is usually the same: no improvement in sight, so companies are still dealing with the toxic mixture of high inflation, high currency depreciation, a rigid tax regime and severe exchange controls.
This call took place against the backdrop of the first round of the presidential election, with a real concern that one of the candidates would pursue some unorthodox policies, including fully dollarising the economy. The more conventional candidate won the first round, but the future remains uncertain.
So this call was no exception: not only is there no improvement in sight, but the operating environment continues to get more difficult:
- Even companies in high priority industries, such as health care, are finding it increasingly difficult to get foreign currency to settle import bills.
- The 7.5% import tax has
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