The equation that can unlock the conflict is two-way. On the one hand, the terminals would be willing to finance for a certain period the entry of cars manufactured abroad. The figure would be the equivalent of the increase in imports of auto parts, which, according to estimates, must respond to a 23% growth in the production of units to meet demand. From the Central Bank they confirmed to Ámbito that during this week “work was done on the technical definition of that agreement”
Once that instance has been finalized, there will be one more step to be resolved. Currently there is a regulation that puts a cap on imports, including inputs for production. That ceiling is 5% higher than the dollars acquired in 2021 or 70% higher than those requested in 2020. To make the two-way equation operational, the Government must exclude auto parts suppliers. It is unknown how it will be implemented.
The new restrictions on imports are given within the framework of the growing concern about the level of reserves of the Central Bank, which is aggravated by the commitment assumed with the International Monetary Fund to increase it during this year. Yesterday, in radio statements, Pesce acknowledged that the foreign exchange result for the month of April was lower than expected. However, he stressed that the first quarter was positive and that May “started better than expected.”
The case of the automotive industry became relevant because a letter was made public that the companies in the sector, together with the SMATA union, sent to the authorities of the monetary entity indicating that the operational difficulties could lead to a stoppage in production. But from the different areas of the industry they have been alerting about the implications of the new regulations.
From the Central Bank they explained to Ámbito: “The rule is designed for firms that overstocked themselves thinking that the exchange rate was going to jump. Now the idea is that they use those stocks that they have more to help finance part of the growth in imports.” In any case, in the Government they point out that once the exchange rate tensions are eased, the measure can be reversed.
Source: Ambito
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