BCO
#We compete in a very competitive environment and there's always some movement back and forth in each of our markets.
So Canada will continue to be reported in our top five.
I think, getting at your question, Argentina is about the same revenue size as Canada today.
If that's.
From a macro perspective with, at least what I anticipate the Fed will do, I don't think we're going to see any significant changes now.
200 or 300 basis points, yes, that could make a difference.
25 or 50 I don't believe so.
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It's been so long since rates we're going in that direction I welcome that and think over time it will help but short-term I don't see a dramatic change.
Good question.
We have historically been I think performed very well in Argentina.
Our profitability both measured by margin rate and the nominal local Pesos has improved much, much more significantly and dramatically.
I would characterize it as the Management Team has done a very good job of managing in a highly inflationary environment it's not highly inflationary from an accounting standpoint but I think 30% to 35% inflation fits that category.
So I think the Management Team has performed very, very well.
We have benefited from the increase in the amount of currency and circulation and when you look at the US dollar reported results that gets into our, that hits our consolidated results, we have not had the magnitudes of Peso devaluation in the last year and a half to two years that we had previously.
If you look back two, three years ago as we were having local currency growth of 30%, 40% we were having devaluations in the 30% to 40% range as well, so from a US dollar standpoint you weren't seeing it in our consolidated results.
We have only had about a 10% devaluation today and with 50% to 60% local currency growths that's going to give us much bigger US dollar impact and growth year-over-year.
Yes, I mean-.
It's a good operation down there and they're, it's reflected in their results.
I would not characterize the growth in Argentina as taking significant market share from a competitor.
It's a well-run business benefiting from an inflationary environment that they're managing very effectively in.
