During the report, the former president of the National Bank He argued that economic reality It ended up overwhelming the official program guidelines. In his opinion, the measures are adopted “To avoid a greater evil” and not as part of a defined strategy.
“Everything march according to the rhythm imposed by reality”Melconian said, directly to the statements of Javier Mileiwho repeats that “everything is going according to plan.”
The currency exit and the dollar under pressure
Melconian said the main voltage focus is on the exchange front. Warned that he current exchange rate is not equilibrium and attributed the pressure on the dollar to structural imbalances. “A dollar a $ 1,150 He was more to go up than to go down, ”he said, clarifying that his warning was not alarmist but a matter of” common sense. “
To dimension the currency exit level, the economist used a forceful metaphor: “In three months they smoked Muerta Vaca one year. ”As explained, the demand for dollars of the private sector for tourism and savings hovering the U $ s10,000 milliona figure close to the annual energy surplus projected in US $ 12,000 million.
Criticism of restrictions
The economist also pointed against what he considered a Premature liberalization of the market Exchange for natural persons. According to Melconian, the government acted with “unnecessary hurry”, making decisions without having the necessary macroeconomic conditions. This, he said, aggravated the current exchange fragility.
Insisted that, although the Central Bank Upload interest rates, that does not guarantee a real balance. “Balance It does not come for putting an extravagant rate that generates delinquency and recession, ”he warned.
In his opinion, You can only achieve stability “with an exchange rate that reflects its true value”with an economy capable of absorbing the demand for dollars and a local tourism that exceeds the broadcast.
More criticism of Javier Milei’s decisions
To achieve a sustainable scheme, Melconian considered that the government needs to advance in two fundamental aspects: accumulate International reserves consistently and Structure a plan To face the Debt matches in dollars from 2026.
In addition, he questioned the current management of the monetary policyconsidering that it lacks a clear course. Criticized the idea that the Central Bank can behave as the Federal Reserve and proposed to adopt a strategy “More modest”, according to the structural limitations of the country.
Melconian also showed his distrust about the way in which the Central Bank intervenes in the market. “Why not Buy dollars transparently with emission or surplus fiscal? Why did we waste time from April until now saying that if he is not going to $ 1000 I don’t buy? ”He wondered.
And concluded with irony: “All of us who warned this were mandriles”, In reference to the previous warnings of different analysts that were ignored by the ruling party.
Source: Ambito
