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Argentines up in arms as McDonald's runs out of ketchup amid peso pressure Argentines up in arms as McDonald's runs out of ketchup amid peso pressure
(35 minutes later)
Argentines have grown used to food shortages and strict foreign exchange controls, but running out of ketchup has struck a nerve in the nation. Argentines have grown used to food shortages and strict foreign exchange controls, but could running out of ketchup be the final straw?
On Monday, McDonald's Argentina apologised to customers on Twitter citing a shortage problem but that didn't stop angry customers from using social media to vent their frustration- with some arguing the situation reflects the dire state of the Argentine economy. On Monday, McDonald's Argentina apologised to customers on Twitter citing a shortage problem but that didn't stop angry customers from using social media to vent their frustration - with some arguing the situation reflects the dire state of the Argentine economy.
One customer tweeted: "Please Cristina (Kirchner) let us have ketchup."One customer tweeted: "Please Cristina (Kirchner) let us have ketchup."
Another user wrote: "As if things weren't bad enough, now McDonald's runs out of ketchup."Another user wrote: "As if things weren't bad enough, now McDonald's runs out of ketchup."
A spokesperson for the fast-food chain said. "We're working on this, in the meantime, we advise customers to use other dressings." A spokesperson for the fast-food chain said: "We're working on this. In the meantime, we advise customers to use other dressings."
Jimena Blanco, senior Latin America analyst at Maplecroft, told The Independent: "The problem varies from week to week, product to product, but it's largely related to Argentina's foreign exchange controls."Jimena Blanco, senior Latin America analyst at Maplecroft, told The Independent: "The problem varies from week to week, product to product, but it's largely related to Argentina's foreign exchange controls."
"In this case, it appears that the sachets are packaged in Chile," she added. "McDonald's Argentina may have the cash to pay for it in pesos- it's the lack of access to dollars that's usually a problem for Argentine companies." "In this case, it appears that the sachets are packaged in Chile," she added. "McDonald's Argentina may have the cash to pay for it in pesos - it's the lack of access to dollars that's usually a problem for Argentine companies."
McDonald's Argentina apologised for the lack of ketchup sachets citing a shortage problem, and asking customers to use other dressingsMcDonald's Argentina apologised for the lack of ketchup sachets citing a shortage problem, and asking customers to use other dressings
Under pressure to soften its currency rules, the Argentine government has reduced the tax rate on dollar purchases to 20 per cent from 35 per cent. Under pressure to soften currency rules, the Argentine government has reduced the tax rate on dollar purchases to 20 per cent from 35 per cent.
The new rules were introduced soon after the peso suffered its steepest decline since the 2002 financial crisis to 8 pesos to the dollar on 23 January after the country's central bank pulled support for the currency. The bank's reserves have declined 34 per cent to $28 billion over the past year. But concerns remain, inflation is expected to top 30 per cent. The new rules were introduced soon after the peso suffered its steepest decline since the 2002 financial crisis to 8 pesos to the dollar on 23 January after the country's central bank pulled support for the currency. The bank's reserves have declined 34 per cent to $28 billion over the past year. Inflation is expected to top 30 per cent.
According to the Kirchner administration, inflation stood at 10.9 per cent in 2013. The International Monetary Fund censured Argentina's data as inaccurate. The country has two months left to release updated figures. However, according to the Kirchner administration, inflation stood at 10.9 per cent in 2013. The International Monetary Fund censured Argentina's data as inaccurate. The country has two months left to release updated figures.
Last year, the country saw shortages of basic products such as wheat, corn, tomatoes and cooking oil. Last year, Argentina saw shortages of basic products such as wheat, corn, tomatoes and cooking oil.