11 August 2020

Food, cars sale slow in Argentina after peso crash

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Sales of everything from cars to food and beauty products slowed in Argentina following a collapse in the peso currency, as suppliers held back shipments while trying to calculate how the devaluation will affect consumer prices. reports citing ESM that the peso got slammed for a third day on Wednesday, despite Macri unveiling measures to soften the impact of austerity on voters, as savers piled into US dollars rather than wait to see if the steps would be enough to boost his popularity.

"They want to make decisions based on the new value of flour," he told. "With the decrease in the value of the peso, they are trying to hold onto merchandise until the situation becomes more clear."

In the wake of Sunday's vote, the 23% crash in the peso unnerved stock and bond markets already shaken by the Sino-US trade war and protests in Hong Kong.

Impact On Supermarkets

"We had many purchase orders pending delivery but they called us from the supplier companies to renegotiate the price of the order," the source said.

While this has halted some stores from restocking, disruptions of final sales have so far been minor, retailers said.

2019.08.15 / 15:24
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