Bolivia’s central bank ditched new rules on reporting its gold reserves which it had published just two days earlier, Bloomberg News reported. The bank said in a statement Friday that it wouldn’t implement the resolution to avoid “speculation that seeks to damage the economic stability of the country.” The resolution would have allowed the bank to report its gold holdings twice a year: on Nov. 5 and May 5. That could potentially have allowed it to access more liquidity to pay for imports and address a crippling fuel shortage.
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Inflation smashed through the top of the central bank’s tolerance range in Brazil and accelerated much more than expected in Chile as surging energy costs give policymakers another reason to worry, Bloomberg News reported. Official data released Friday showed Brazil’s consumer prices rose 4.76% in October from the year prior, above the 4.5% tolerance ceiling of the central bank’s goal. Chile’s cost of living posted the biggest monthly rise since March of last year as annual inflation sped up to 4.7%.
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Julius Baer Group Ltd. hired Goldman Sachs to seek buyers for its Brazilian unit, according to people familiar to the matter, a move that could help the Swiss bank right its footing after some high-profile setbacks, Bloomberg News reported. The unit has already been offered to some Brazilian banks and multifamily offices, the people said, asking not to be identified because the talks are private. Talks are ongoing and may not end up in a deal, the people said. Goldman Sachs and Julius Baer declined to comment.
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Brazilian airline Gol said on Wednesday it has signed a deal with shareholder Abra to reinforce its current restructuring plan and raise credit to exit bankruptcy, including the conversion of $950 million in Abra's secured debt into Gol shares, Reuters reported. Abra is the main investor in airlines Gol and Avianca. The agreement is related to Gol's chapter 11 request, filed in January. According to the filing, Gol will present a restructuring plan that will allow a significant reduction of its leverage.
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Brazil’s Finance Minister Fernando Haddad said on Monday that fiscal measures to support the country’s fiscal framework could be announced this week, adding that the government is in the final stages of preparation for the announcement, Reuters reported. Speaking to reporters, he said President Luiz Inacio Lula da Silva is expected to call him later on Monday for a meeting on the matter. "After the meeting with him, I'll speak with you," he said.
Argentina’s central bank lowered its benchmark interest rate Friday for the first time in nearly six months as President Javier Milei continues to oversee a slowdown in inflation in the crisis-prone economy, Bloomberg News reported. The monetary authority cut borrowing costs to 35% from 40%, according to a press release sent via text message. The decision is based on the country’s liquidity context, the lowering of consumer price expectations and the government’s fiscal anchor, the bank said. Argentina also reduced rates for notes known locally as pases to 40% from 45%.
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Colombia’s central bank ignored pressure to accelerate the pace of interest rate cuts as policymakers weigh fiscal risks that sent the peso to its weakest level in more than a year, Bloomberg News reported. The seven-member board voted 4-3 to lower the benchmark rate by half a percentage point to 9.75%, Governor Leonardo Villar told reporters in Bogota on Thursday. The minority voted for a bigger reduction, to 9.5%.
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Azul SA’s credit score was cut one notch by S&P Global Ratings, which called the airline’s agreement with bondholders for additional financing a distressed transaction, Bloomberg News reported. S&P downgraded the Brazilian carrier to CC from CCC+ with a negative outlook, according to a statement released Wednesday. Azul inked a deal with its creditors this week for as much as $500 million in new senior secured debt, with $150 million to be provided initially and $250 million by the end of the year.
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Brazil's net imports of crypto assets in the nine months through September 2024 increased by 60.7% over the same period last year, already exceeding the full-year total for 2023, central bank data showed on Tuesday, Reuters reported. The surge in Brazil's crypto market, the world's tenth-largest according to blockchain analytics firm Chainalysis, was fueled by a significant increase in so-called stablecoins - which are pegged to real-world assets like the U.S. dollar.
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Colombia sold $3.64 billion of dollar bonds on Monday, tapping international debt markets for the first time in almost seven months, Bloomberg News reported. The South American country sold $2 billion in notes maturing in 2036 and $1.64 billion in bonds due in 2054 to yield 7.8% and 8,5%, respectively, tighter than initial price talks of 8.15% and 8.8%. Citigroup, Itau BBA and SMBC Nikko are handling the deal, according to a filing. Proceeds will be used for general budgetary purposes and to buy back up to all of Colombia’s notes maturing in 2026 and 2027, the filing shows.