Currently there are controls by the AFIP, the Ministry of Productive Development, the Central Bank and even then the bleeding of foreign currency cannot be stopped. Yesterday, the Chief of Staff confirmed the advance payment from Ámbito. “Work is being done under the instructions of the president on certain actions that are going to be taken and that are going to be formalized in the coming days,” said Juan Manzur upon leaving the conclave of ministers, which was also attended by President Alberto Fernández.
About that point, of particular concern are products that are under automatic licenses, which account for around 70% of the total. These purchases grow at a significantly higher speed than the rest. Due to the jump in energy prices, due to the greater amounts of chemical products and also due to “speculation”. The official diagnosis is that many firms “overstock” to access the official exchange rate and protect themselves from a possible devaluation.
Within this universe there are also a series of articles that, because they do not have local production, do not even go through the monitoring orbit of the Ministry of Productive Development. Before Ámbito’s query, economic cabinet officials acknowledge that “no tool is discarded”. In this sense, they point out that there are a number of positions that are currently outside the scheme and could remain under non-automatic licences. Although nothing is closed yet and tightening restrictions does not appear to be the most sympathetic measure for a government that seeks to generate confidence.
As regards non-automatic licences, the variation is smaller and is mainly explained by the rebound in economic activity. Auto parts are rising at a rapid rate but this is due to production records at local terminals. The other thing that is growing significantly is the supplies demanded by the electronics industry in Tierra del Fuego. Believe it or not, this phenomenon is due in part to the increased demand for televisions due to the World Cup in Qatar, but it is seasonal anyway.
The Government understands that under normal conditions with this level of activity, imports should not exceed US$6.5 billion. It is betting that with greater control and “fine tuning”, they will return to that level without harming productive activity. “We are going to prioritize growth,” Manzur said at Casa Rosada, although it is clear that this figure must coincide in parallel with the reserve accumulation goal committed to the International Monetary Fund, which for this year proposes an increase of US$5. 800 million in net holdings.
Source: Ambito
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