Citi exec: Argentina's economic progress

Sam Hewson returns to Argentina

After eight years away from Argentina, Citibank’s Head of FX Sales returned to the country amid heightened volatility in international markets.

FX market volatility

The FX volumes recorded this year are the best since 2010 in Citibank’s global franchises, driven by geopolitical tensions and risks.

“The FX volumes we’ve recorded this year are the best we have seen since 2010 in our global franchises”

Complex supply chains

Clients now face more complex exposures due to diversified supply chains, greater logistical challenges, and multi-currency operations.

Latin America currency strength

Clients have stronger conviction in Latin American currencies, particularly those with positive terms of trade and fiscal surpluses.

Argentina's economic progress

Argentina’s trade balance, fiscal surplus, slowing inflation, and stable exchange rate show huge progress in a very short time.

“It feels from an international point of view like a material positive change in dynamic and one in which huge progress has been made in actually a very short amount of time”

Elections and volatility

Any election creates uncertainty and volatility, though Argentina’s current outlook remains positive despite next year’s elections.

Dollar market shifts

The dollar weakened after Trump’s return to the White House due to tariffs and AI-driven market shifts.

Fed rate hike impact

The Fed’s September interest rate hike under Kevin Warsh boosted market confidence in the central bank’s independence.