“We are in a complex situation, lots of price volatilityespecially of export goods, increased costs of imported goods, this generates cost overruns, and when Argentina grows it imports rapidly, and this year we have the import of energy with the prices that were unleashed after the start of the war in Ukraine“, assured the holder of the BCRA.
Due to all of the above, Pesce said that “this volatility in international prices has also generated part of the soybean export is not taking place at the current rate for this time of year“, and that in addition, “we expected to receive $700 million more of multilateral organizations that have not been carried out” but considered that “both effects are going to occur and we will be able to rebuild reserves”.
On the other hand, he considered that “We need to develop the capital market, we need to develop the financial system.”
“What happened in the securities market last week served to show that the Central Bank is going to exercise its role as lender of last resort and is going to defend the price of securities in the market”assured Pesce about the doubts that were generated in relation to the government’s ability to pay the titles in pesos, in dialogue with Con Vos radio.
In this sense, He added that the Central “did not intervene yesterday”, while hoping that the debt market in pesos is “normalized next week”. Regarding the rate hike from 48% to 53% promoted by the entity’s board, he indicated that the commitment assumed “since January 2020 is the search for rates that are real in terms of inflation.”
Source: Ambito
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