The deregulation minister spoke of “very marginal values.” However, an IMF report ensures that they are around US $ 5,000 million.
The minister of deregulation and transformation, Federico Sturzenegger, surprised this Friday by publicly recognizing the Intervention of the Central Bank in the future dollar market To contain the rise of the American currency, although he said that these are “marginal” figures. A IMF report He brought light on the disbursed amounts.
Sturzenegger, in charge of state liberalization policies, was consulted by the government’s economic plan and, in particular, on the accumulation of reserves by the Bcra, precisely after the elimination of a good part of the exchange rate restrictions for natural persons.
In statements to Radio Miter, the former BCRA during the management of Mauricio Macri defended the head of the current economic team by pointing out that “Minister Luis Caputo said that since we left the CEPO, the Central Bank will not intervene anymore and does not intervene anymore. It will only intervene at the band’s edges”.
He then reaffirmed that since then “There has been no movement with reservations” and tried to justify the rises and casualties recorded by the “wonder of the floating exchange rate.” “It is the private sector that demands and offers currencies,” he said.
Federico Sturzenegger on the intervention in the future dollar: “They are marginal values”
In the face of the minister’s argument, the program driver, Eduardo Feinmann, asked him if the libertarian administration “does not intervene in the future dollar.” Far from the usual librettos of the national economic team that highlight the free flotation of the dollar, the holder of deregulation surprised with his response to recognize that there is intervention “But they are very marginal values”.
Recently, the Staff report of the International Monetary Fund He had special emphasis on the intervention in the dollar’s futures market by the government by highlighting that they should be transitory and in conditions of disorder. This was expressed by the agency officials in a document published after the first review of the agreement.
“The transition to the abandonment of the exchange rate as a nominal anchor has advanced relatively well, although the interventions in the futures market have been used to address market disorders and mitigate periods of unusually high volatility of interest rates (for example, after the liquidation of the Lefi),” they said and clarified: “Future market interventions should be temporary and limit to disorderly market conditionsand should not replace other monetary policy tools for liquidity management and volatility of interest rates. ”
The IMF report also throws light on the amount disbursed by the BCRA to intervene in dollar futures. In a footnote on page 10 it says that the position sold of the BCRA became US $ 5,000 million: “The open net position of the BCRA in the NDF market (Non-Deliverable Forward) has promoted approximately US $ 5,000 million.”
Source: Ambito
