Luis “Toto” Caputo, who presents himself with greater possibilities of occupying the position of Economy Minister of the future government of the elected president Javier Milei, this Friday he maintained a meeting with the two entities that bring together national and foreign private banks (ADEBA and ABA) to address, among other topics, the high stock of Leliqs and passive passes of the Central Bank.
“It was an excellent meeting,” said Caputo when asked by Ámbito, at the end of the meeting with the financial entities. The bankers who described the meeting as “very favorable”.
The former Cambiemos official is gaining strength to become the next Minister of Economy and his first task will be to dismantle the Leliqs scheme that weighs on the BCRA’s balance sheet, given that For Milei it is the previous step to lift the exchange rate and unify the exchange rate.
There were three central messages that Caputo brought to the meeting and that generated “trust” among bankers:
- There are not going to be solutions for Leliq that are compulsive; It will be a market exit.
- There will be fiscal and monetary adjustment from the first moment.
- The stocks have not been lifted from the first day.
The former Minister of Finance and former president of the Central Bank attended the meeting accompanied by collaborators, including Pablo Quirnowho was his chief advisor, both in that portfolio and when he was in charge of monetary management.
More than 20 bankers participated. Among them were present Facundo Gómez Minujín (JP Morgan), Patricio Supervielle (Supervielle), Jorge Brito (Banco Macro), Martín Zarich (BBVA), Alejandro Butti (Santander), Guillermo Laje (Banco Ciudad), Javier Bolzico (ADEBA), Juan Nápoli (Banco of Securities) and Fabián Kon (Galicia).
During the meeting, Bolzico spoke about the proposal prepared by ADEBA to solve the Leliqs problem, “without the need for any extreme measure that implies inflationary acceleration or breach of contracts.” To do this, he proposes as a premise to achieve fiscal balance and end the repurchase of securities by the Central Bank.
For their part, Caputo and his team They avoided going into details “for obvious reasons” about the alternative they have in the pipeline, according to what he learned Ambitbut they gave assurances that They will not face “anything disruptive.”
“It was a meeting in which we exchanged opinions about the challenges of the economy and how to address them,” he said. Bolzico to this medium. The president of ADEBA added that “The meeting was very positive, Caputo emphasized fiscal balance as the basis of the model and a comprehensive and market approach to the BCRA’s remunerated liabilities.. Caputo’s vision “He conveyed tranquility and confidence.”.
The remunerated liabilities of the Central Bank already total 23 billion pesos. Due to the incessant increase in the stock of Leliqs and the increasingly high interest rate, the BCRA issued to pay the interest on its debt a total of 2.2 trillion pesos in October alone, equivalent to 2.2 billion dollars (at the rate of free exchange), according to Econometric. Defusing this “bomb” is one of the president-elect’s biggest concerns.
It happens that eliminating exchange restrictions quickly without solving the Leliqs problem could generate a flood of pesos, by dismantling part of the stock of these titles, which would cause strong exchange pressure that would bring with it the risk of hyperinflation.
Source: Ambito
