The jump in imports would be so significant that it could transform May into the month with the highest values in history. Official sources told Ámbito that they were above US$7.6 billion and surpassed the highest mark, which dates back to August 2011. At the same time, exports would also have marked a strong rise which is mainly explained by the continuation of high international prices.
In the Government they understand that a good part of the equation is logical: activity has been growing at a rate of 4% and energy imports that are being given at a value significantly higher than last year add pressure. But on the other hand, they warn that there is a speculative component and many weighty firms want to “overstock” to access the official exchange rate.
The conduct was publicly pointed out by businessman Eduardo Constantini: “There are many people, businessmen who overinvoice imports and others who underinvoice exports and generate blue dollars. I know it’s a bad word to say it, but it’s a reality, ”he detailed. The statement went conspicuously unnoticed. The issue had more repercussions when Cristina Kirchner took it up again at the event for the 100 years of YPF: “It seems that it has become a national sport to take the dollars out of the Central Bank’s reserves,” the vice president joked.
Currently, a series of controls apply for free exchange access to the single market. The Financial Economic Capacity System, whose evaluation depends on the AFIP; non-automatic licenses, which go through the Ministry of Productive Development; and there is also a BCRA regulation in force, which imposes for this year a ceiling of 5% more than what was imported in 2021 for cash payments (the surplus must be financed for more than 180 days). Still the bleeding continues.
The head of the monetary entity met yesterday with Martín Guzmán and the new minister Daniel Scioli, with whom he aims to coordinate actions. The former ambassador to Brazil, while in that position, already expressed concern about the growing level of imports. According to officials from the economic cabinet “new measures are not ruled out”. Although with an exchange rate gap that continues to grow, the question is what will be the tool that will banish the old and well-known axiom: “Make the law, make the trap.”
Source: Ambito
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