The national representative for We Make the Federal Coalition, Ricardo Lopez Murphywarned that the Government’s regulatory policies on the foreign exchange market generated a “inflation in dollars” which has a strong impact and “it makes the recession acute and the recovery complex.”
“It seems to me that the situation when the new government took office was extremely serious and complicated. He had negative reserves, dollars sold forward and the Leliqs. I’ve never seen anything like it.”López Murphy explained in dialogue with LN+.
In this regard, he considered that “the entire official policy attacked that front on the basis that either this was resolved or there was nothing to do. The easy part of the economy is prohibited by the terrible inheritance received. “There could be no inflation, deficit or anything that is done in other countries.”
The former Minister of Economy of Fernando de la Rúa maintained that for economic recovery the Government has to aim at increase in exports and the arrival of investments in the country. But he warned that the great obstacle for these two aspects is the delay in the exchange rate. “I think that the financial package with the regulations on the exchange market have depressed the dollar. “This created inflation in dollars that makes the recession acute and the recovery complex.”said.
In that sense, he ruled that “toIn addition to all the problems we had, Added to this was a drop in the international prices of our basic products., something that has hurt us a lot. And the harvest or the recovery of the harvest was not as we expected either. They are exogenous causes.”
Finally, regarding exchange regulations, López Murphy indicated that “I would have more clearly freed the exchange rate from some controls that, in my opinion, are not justified. For example, that of the National Securities Commission. I would like the rules to be more explicit, clearer and better known. Nobody knows when they will release the regulations or what the goals are. It’s a secret. And they have every right to keep it between them. But that costs us on the other hand in activity and leads to recess.”.
Source: Ambito
