Argentina posts sevenfold rise in primary budget surplus

BUENOS AIRES Wed May 28, 2014 9:07am EDT

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BUENOS AIRES May 28 (Reuters) - Argentina's economy ministry said on Wednesday the primary budget surplus jumped more than sevenfold on the year to 3.569 billion pesos ($446 million) in March, as an increase in revenue boosted by high inflation outpaced a rise in spending.

The primary budget balance, which reflects the government's finances before paying debts, rose from a surplus of 438.3 million pesos in March last year.

Argentina has been virtually shut out of global credit markets since a 2001/02 default and uses the central bank's international reserves to repay creditors.

($1 = 8.0025 pesos on March 30) (Reporting by Alejandro Lifschitz; Writing by Sarah Marsh; Editing by James Dalgleish)

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