The former director of Banco Nación relativized the urgency of dismantling this financial instrument of the Central Bank. “They’re not a problem,” he said.
The Economist Carlos Melconian said Leliqs “are not a problem”. This statement appears in a scenario in which the president-elect, Javier Milei, day of assuming the leadership of the new government, repeats the importance of establishing a tax reorganizationlinked to the Leliqs.
“In terms of how this issue has been raised, they do not have any priority. And I would say that if someone wants to relate the opening of the stocks to finding a solution with Leliqs, it has very little to do with it. We have to see that Leliqs is a cause originating from something else: the fiscal deficit“, stated the former director of Banco Nación.
What Melconian said seems to respond to a public statement by Milei in which he stated that if he opens the stocks and does not solve the Leliqs problem, “the fall in the demand for money that comes after that generates hyperinflation.”
In this framework, the economist, former Mediterranean Foundation relativized the urgency of dismantling this financial instrument of the central bank. “They are not a problem”, said. He also assured that this is an issue that “does not need anything strange to be solved.”
In radio statements, Melconian explained that “The Central Bank sooner or later has to absorb that deficit, because, If not, inflation will always be higher than what you have.”. And he added: “So, you are absorbing all that. If that has a positive real interest rate, that is, a interest rate that is above the inflation rateand the fiscal deficit does not stop, then that is a bad symptom that you are on the way to repressed inflation and although you were able to absorb it there, you will have it later. That happened in 80’s Argentina”.
He also clarified that, as he believes, the way out is “stop the fiscal deficit. If you stop the fiscal deficit, if in the entirety of a program you achieve the virtuosity that the level of activity recovers, if the demand for credit recovers, that is genuinely disarming”.
Source: Ambito
