In the Government they understand that yesterday’s photo is given by the direction of the measures adopted. “The market expected us to adjust for price and adjust for quantities. The message was categorical, this evidently accelerated the liquidation of sectors that were betting on a devaluation“, explained to this medium a high official of the economic cabinet. In that sense, ensure that this adjustment in supply will not impact activity: “There is a stock of supplies and demand, and this will also end in September.”
Specifically, the measures consist of a temporary extension of the import financing system and an expansion of the positions covered by license monitoring. The 360-day regime that applies to luxury goods is also amplified. Regarding capital goods, a rule was established that allows paying 80% at the port of origin and 20% with the nationalization of the merchandise. At the same time, the limit on access to the foreign exchange market for SMEs was increased by 10% compared to 2021 (before it was 105% of what was imported and now it is 115%).
One of the objectives pursued by the Government is to avoid overstocking by companies that bet on a devaluation of the official exchange rate in the context of a high exchange rate gap. In the Ministry of Productive Development, they hope that with the greater controls import orders will be reduced. On the other hand, in the Central Bank they aim to increase the international financing of this type of operations.
The expectation is that, especially multinationals, they can manage credits abroad or deferred payments to their suppliers. “Surely this process will be accelerated because nobody is willing to give away their market share,” they explained from a mass consumption firm. In that line, in the Government they estimate that these measures will allow it to hoard an extra US$1,000 million per month in international reserves.
How Ámbito told it, at the meeting held on Friday by Martín Guzmán and Miguel Pesce, they anticipated to representatives of heavyweight firms that the exchange scenario is complex and the difficulties will continue until September. Therefore, it should not be surprising that the expiration date of the package launched in the last few hours is the 30th of that month.
In the monetary authority they emphasize that the main complication is explained by a “seasonal change” that was generated from the explosion of the warlike conflict between Russia and Ukraine. Greater concentration of energy imports during the first half of the year and dispersion of the liquidation of the soybean harvest. Along these lines, they assure that these measures “are temporary” and that they aim to guarantee the dollars essential for production.
On this last point, yesterday an agreement was reached with the Argentine Industrial Union to set up a permanent monitoring table. The objective, according to the business chamber, is “to allow the continuity of the production process, avoid complications in the value chains, guarantee internal supply and continue with the process of export growth.”
Source: Ambito
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