Sorry, did you say “up?”
Yup, that’s right. All quiet and without a single word from the English language bizmedia mediocrity that cover LatAm, Argentina’s international currency reserves put on U$437m between December 5th and end 2013. Not for sure it’s small compared to the drop over the rest of the year and I’d also agree that end-year factors can make a difference in what currencies are required by businesses. This isn’t a definitive change in trend yet, but it does come at a time when a new government economics team has been installed who’ve said they want to improve the reserve position. As possibly the crux of the weak points in Argentina’s economy recently, it’s a set of figures worth watching tin the weeks ahead because if early December marked a low in reserves (repeat: jury out) there could be something going on here.
And it’s also worth noting that you’ll need to watch the numbers carefully rather than reports of the numbers, because if thing start going in the right direction you can bet large sums that the newsire coverage will suddenly go very quiet…can’t be saying good things about Argentina now, can we guys?