The economist Carlos Melconian, who would hold the post of minister if Patricia Bullrich becomes president, considered that the dollarization proposal of La Libertad Avanza (LLA) “is about to be shelved.” In addition, he pointed out that, within his team, one of the options being analyzed is an “exchange rate split.”
The Economist Carlos Melconianwho would occupy the position of minister in case Patricia Bullrich get to the presidency considered that the dollarization proposal of La Libertad Avanza (LLA) “is about to be filed”. In addition, he pointed out that, within his team, one of the options being analyzed is a “exchange rate doubling”.
“I think that this process (dollarization) is about to be archived because they are realizing that it is not going. They are behind very competent professionals like Roque Fernández and Carlos Rodríguez who understand very well what is happening and are running away from these options…”, Melconian said.
In statements to Radio Rivadavia, the former president of Banco Nación during Mauricio Macri’s first year in office, acknowledged that his team is analyzing a “doubling” of the exchange market with a commercial dollar and a financial dollar as a transition alternative until the conditions for unification. And he maintained that “the word stocks is now obsolete” because “with the passing of the months it became a spider web.”
Melconian announced that his proposal bi-currency proposes a change in the Civil and Commercial Code so that transactions that today are formalized in pesos, but that require legal and accounting devices because they are actually carried out in dollars, have legality. The head of the IERAL of the Mediterranean Foundation clarified that “bimonetarity is the coexistence of the peso and the dollar” but remarked that “it is not a free and floating exchange rate” at the beginning of the process.
The economist explained that “the cobweb” that is the current stocks will be disarmed by maintaining “sensible macroeconomic policies” and, in this sense, he gave as an example that the entry of temporary dollars for speculation in the financial market and free exit will be prohibited. “Dollars will not be able to enter to make a difference and withdraw them whenever they want,” he warned in relation to the call carry trade which had its peak in the Macri government.
He added that “the Central Bank is going to have a different exchange regime and an alternative is the division between the financial dollar and the commercial dollar.” And he pointed out: “Exchange rate stabilization and the economic regime is one of the 20 issues that we have in mind, while a third (due to the result of the election) only talks about one issue (dollarization, in reference to LLA) and the another does not speak of anything (alluding to Unión por la Patria)”.
Source: Ambito
