The Secretary of Finance spoke about the economic and exchange rate that the country is going through and provided a panorama of what society and investors can expect for the coming months, in electoral context.
The Secretary of Finance of the Nation, Pablo Quirno, referred to the evolution of exchange rate in electoral context and warned that volatility will persist, at least, even October 26 elections. In tune with what was expressed days ago, he assured that the program of Javier Milei “It is increasingly difficult to turn” and stressed that they are prepared to face turbulence.
During your presentation within the framework of the 46th Annual Convention of the Argentine Institute of Finance Executives (IAEF)which took place at the Llao Llao Hotel in Bariloche, the official spoke about the exchange tensions that crosses the libertarian economic plan and referred to the intervention of the treasure in the currency market to contain the dollar.
For the right hand of Minister Luis Caputo in terms of finance, volatility will continue until October and attributed the jumps in the dollar to the opposition attempts to affect the official economic plan through the approval of laws and the repeal of presidential vetoes in the Nation Congress.
For Quirno, the country entered “In a fairly particular psychosis” due to the “anxiety” and “uncertainty” which generates the pre -election stage towards the legislative elections in which The Government will measure its fire power before the opposition. That is added, according to the official, to the pressure exerted by the parliamentary opposition.
Despite the volatility that the market records, the official assured the entrepreneurs and investors that the government pursues “fiscal order and fiscal balance” as inalienable principles. “The macroeconomic order leads to reducing the inflationary tax, which is the most perverse and affects the most needy”he said when defending the economic plan.
In tune with what was expressed by the majority of the government, Quirno pointed against the opposition by the exchange rate of the exchange rate when mentioning parliamentary activity as an attempt to “violate the fiscal balance”. However, he stressed that the Executive “is always prepared to veto those laws” with the aim of avoiding returning to the deficit.
Quirno explained to finance executives that the economic team structured the plan to “depend as little as possible from third parties”, thus avoiding conditioning the key fiscal objectives to parliamentary negotiations. For that reason, he said, as time goes by “The macroeconomic program is increasingly solid.”
At another time in his presentation, he focused on the Redl of the Treasury in the change market and assured that there was no intervention to set the exchange rate but to “provide liquidity and ensure normal functioning” in the face of episodes of illiquidity that “distort the real value of the dollar”. In addition, he denied that this means a break with the exchange band model.
News in development.
Source: Ambito
