2/7/2024, 8:07:02 pm

President Milei Proves Boon and Curse for Argentine Bank Stocks

Argentine banking stocks in New York are plummeting as the government slashes interest rates and curbs new borrowing, impacting banks' profits. New York-listed shares of Banco Macro, BBVA Argentina, Grupo Supervielle, and Grupo Financiero Galicia have dropped at least 18% from their highs for the year. The banks' earnings were previously driven by central bank debt.