Fabián Castillo, head of the Federation of Commerce of the City of Buenos Aires (FECOBA), He maintained that the entity is waiting for the first measures announced by the new head of the Palacio de Hacienda. Castillo said that the merchants of the Federal Capital “need predictability”. As described by the SME business leader, there are appliance chains that have suspended the shipment of products to their customers while waiting for the uncertainty to be cleared up.
In other cases, wholesalers distributed new lists of adjusted prices. “We have to wait for the situation to adjust,” said Castillo, who said he had already gone through several economic crises like the current one. Castillo admits that there are some reservations from retailers to get rid of the merchandise. “The stock is our heritage and we need to take care of it,” he explained to Ámbito. In a survey that he carried out for different businesses that are nucleated in FECOBA, he pointed out that there are shortages of products in hardware stores and supplies for shoe stores, including leather and glue.
Damián Di Pace, director of the consulting firm Focus Market, He said that “throughout the day there were problems in many retail stores that had problems replenishing stocks.” Di Pace said this is due to “the uncertainty about what the foreign exchange policy will be in terms of imports.” For the consumer markets analyst, there is a fear among traders about whether they will be able to reconstitute stocks in the future. By the side of the supermarket, industry spokesmen indicated that many suppliers said they “they are priceless.”
On the consumer side, the level of uncertainty also rose to the maximum. Its home banking services began to fluctuate due to the increase in user income, who on the first business day of July, after the government shake-up, try to access their funds. “It’s intermittent. This is a flow problem. Many people entering at the beginning of the month to operate payments, purchase foreign currency. It can last all week,” said a source linked to the Association of Argentine Banks (ABA) that brings together foreign entities operating in the country.
the president of the Argentine Chamber of Commerce and Services (CAC), Mario Grinman, he maintained that Batakis’ first responsibilities upon taking office include “clearing up uncertainties” and “generating trust and predictability.” Grinman highlighted the new minister’s willingness to serve for occupying a position that she defined as an “electric chair.”
Orlando Castellani, from the Association of Metallurgical Industrialists of the Argentine Republic (ADIMRA), He said that the mission of the new official in the short term is “to achieve a reduction in inflation, greater economic stability and reduce uncertainty.”
The fall of Guzmán was nothing more than the last link in a series of events that occurred throughout June that undermined the confidence of merchants and the public, according to a report Center for Business Analytics and Economics of the Faculty of Economic Sciences of the UCA. The study house published the Economic Uncertainty Index whose value was 61.3 average in June, which represents an increase of 10.3% compared to May. A more detailed analysis at the daily level allows us to build a chronicle of the uncertainty in June: On the 5th, the announcement of the unexpected income tax was made, and the index marked a peak of 77.8; on the 14th the INDEC reported that the IPC grew 5.1% in May and the indicator rose to 89.5; and on the 21st a reinforcement of import control is announced and the index reached 86.6 points. The month closed with a rise in the blue dollar of $250.
Source: Ambito
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