The BCRA reported that the outgoing and incoming presidents of the entity spoke this Thursday about the monetary, exchange and financial situation and agreed on the details of the transition.
This Sunday the transfer of command from President Alberto Fernández to his successor, Javier Milei, will take place. The different public organizations are in transition process for a few days now and one of them is Central Bank (BCRA)the monetary regulator currently chaired by Miguel Ángel Pesce, who in this context, this Thursday, met with his successor, Santiago Bausili.
In recent days, as far as he could tell Ambittelephone conversations had begun between Pesce, one of the few officials who accompanied Fernández throughout his administration, and the next president of the BCRA, who was a classmate of Luis Caputo, future Minister of Economy, and former President Mauricio Macri at the Cardenal Newman School, then served as a director at Deutsche Bank and was Undersecretary of Financing and Secretary of Finance of the Cambiemos government. After that, he was Caputo’s right-hand man at his consulting firm Anker Latin America until a few days ago.
This Thursday, in which the BCRA held its usual board meeting, could have been the last day of Pesce at the BCRA. That will depend on Whether or not the decree with the appointment of Bausili is published on Sunday. If this happens, he will no longer go to the Defense Street building, otherwise he could attend for a few more days until the appointment of the new head of the regulator becomes a reality.
BCRA directors: who will occupy the seats on the board
On the other hand, it is not yet known who will be the directors of the BCRAwho are the ones who integrate together with the president of the Central the board of directors that meets week by week to make decisions on regulatory matters by consensus. However, some names are beginning to circulate, although few, for the moment. Such is the case of some references that sounded for some positions but they still do not have a destination, like Ramiro Marra, Darío Epstein, Ignacio Abuchdid and Patricia Boedo. However, no one is confirmed yet.
The main challenges that Bausili will have in the Central
Without a doubt, One of the main challenges that the next president of the BCRA will face will be to contain the loss of reserves, which currently stand at US$21,208 million. In addition, it will have to address the issue of debt with importers, which is around US$54,000 million today, of which US$43,000 million corresponds to goods and US$11,000 million to services. .
Likewise, the issue of the Central Bank’s Liquidity Letters (Leliqs), which has been talked about a lot recently, is another key element, although now the entity’s total liabilities are more distributed than before because the banks left to renew the Leliq and switched to shorter instruments, such as passes (1-day bills). Thus, the Leliqs stock fell from around $20 billion about ten days ago to $4.8 billion this Thursdaywhen the last tender for these instruments of the current administration was made, and that of passes has already exceeded $15 billion, given that stands at $16.5 billion.
And, from now on, you must work on the inflation control together with the rest of the organizations, an objective for which the reconstruction of currency value national. Happens that The peso is more devalued every day compared to the dollar. The next Government will have to define its monetary policy and determine whether or not it finally implements Javier Milei’s much-announced dollarization.
Source: Ambito
