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Argentina's economy ministry said on Sunday it will purchase just over $1.5 billion from the central bank to pay the total interest on the country's "Globales" and "Bonares" bonds due in January 2025, Reuters reported. The operation will use part of the financial surplus achieved in the first half of the year, which had accumulated to 2.3 trillion Argentine pesos ($2.5 billion) by May, the ministry said in a statement. The ministry added that $1.528 billion will be deposited in an account at trustee Bank of New York and will be available only to be used for paying the interest on the bonds.
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Argentines say they are yet to feel the benefits of cooling inflation and analysts predict the five-month streak could end when official figures for June were released on Friday, Reuters reported. Since President Javier Milei took power late last year, inflation has slowed dramatically in Argentina, decelerating from 25.5% in December to 4.2% in May. The sharp fall has been attributed to a suite of cost-cutting and austerity measures that have put a lid on consumer demand, as well as measures to reduce money printing.
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