This Friday, titles in pesos adjusted by CER (inflation) continued their bearish streak, and in some cases they lost up to 7.5%.
Official sources confirmed to Ámbito that both the Central Bank and Anses were intervening in the curve of these titles in pesos. “The yield curve in pesos is being defended,” they maintained, while denying that the entity had sold bonds in dollars against pesos, as indicated by some reports in the market.
During the previous months, the Government had been holding a dialogue with a group of multinational companies, in order to improve the allocation of excess liquidity, and allow a strengthening of the public debt market in pesos.
In this sense, the representatives of the companies highlighted the fundamental importance of the development of the capital market, to which Minister Guzmán stated that “we have worked from day one on the reconstruction and strengthening of the public debt market in pesos, which is an anchor for the development of the capital market that the Argentina needs for there to be more financing for investment, and therefore, more production and job creation”.
“The National Government is fully committed to strengthening the public debt market in pesos and we will carry out all actions for this purpose,” pointed out the head of the Palacio de Hacienda.
Situation of BCRA reserves
Regarding the situation of accumulation of reserves, Guzmán indicated that, as of the war in Ukraine, the seasonality in the flow of imports and exports was altered, and highlighted that the strong growth in the value of energy imports (USD 4,641 million in the first five months of 2022 vs USD 1,520 million in the same period of 2021) accentuated the needs of managing foreign trade. In any case, it was ratified that it aims to maintain the objective initially set for the accumulation of international reserves of USD 5,800 million in the year.
Meeting with consumer companies
Guzmán, Pesce, and Hang received representatives of mass consumption companies at the Palacio de Hacienda at noon, in a meeting that marks the continuity of the policies promoted by the Ministry of Economy to strengthen joint work between the public sector and the private.
In another of the regular meetings with representatives of all the productive forces, the officials discussed the prospects for economic policy with a view to the quarterly renewal of the Care Prices program scheduled for July 7.
In this framework, the Minister made a presentation on the macroeconomic situation and the prospects of economic policy for 2022 and emphasized the role of the policy actions defined in the decree that updated the Budget of the National Public Administration and the recent measures of monetary policy to strengthen a path of macro consistency that helps to give continuity to economic growth with ongoing job creation and strengthen the conditions to attack the inflationary problem. In that sense, Guzmán pointed out that “the price and income policy is a component of the comprehensive economic policy.”
For his part, Hang highlighted the dialogue with the companies and asked to continue working together with a view to renewing the Care Prices program. “We want to reach a consensus for an agreement that strengthens the price policy. Care Prices is a consolidated policy, highly valued by consumers and we need to sustain it”, she stressed.
The CEO of Mastellone, Carlos Agote; the General Manager of Unilever Argentina and Uruguay, Laura Barnator; the CEO of Molinos Río de La Plata, Agustín Llanos; the General Manager of Institutional Communication and Public Affairs of the Arcor Group, Adrián Kaufmann; the Executive Director of the Association of Argentine Manufacturers (Coca-Cola), Esteban Agost Carreño; the Vice President and VP Corporate, Legal and Compliance Affairs of Cervecería y Maltería Quilmes, Gonzalo Fagioli; and the General Manager of P&G, Gabriela Bardin.
Also present at the meeting was the director of Management Monitoring and Institutional Strengthening of the Ministry of Economy, Anastasia Daicich.
Source: Ambito
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