In the last few hours, the economic team contacted representatives of the export sector to analyze the progress of the liquidation of the coarse harvest. Sector sources confirmed to Ambit that there will not be changes in the blend dollar. In the midst of the exchange rate run, the Government categorically denies rumors of intervention. Tension with the European Union escalates and the Foreign Ministry does not send instructions to the embassies.
The rise in parallel dollars captured the attention of the Treasury Palace throughout the week. Not only because of the jump in the exchange gap, which at all times is a disincentive to exports and an incentive to imports, but also because of its origin: the low settlement of currencies in the official market.
With this scenario, the economic team once again contacted representatives of the export sector. In a talk that took place in the last few hours, the Ministry of Economy and the Central Bank confirmed to the agribusiness that they will not allow changes in the percentage of sales abroad that go to the segment counted with liquidation.
“A new blend would undock the market’s expectations of continuing with the outlined roadmap,” Caputo insists. After the conversations, on Friday the influx of foreign currency from the countryside improved. The exchange scheme is a game of tweezers, the increase in cash with settlement gives more pesos to exporters who settle 20% in that segment, but at the same time, it makes them buy fewer dollars upon return with the pesos of the sale To the exterior.
The Government does not intervene and “will never intervene”
The reversal of the trend of financial dollars arrived on Thursday around noon. It was sudden and accelerated. From that moment on, rumors spread of alleged government intervention in the market. Whether through own terminals or friendly hands.
Senior sources from the economic team in dialogue with Ambit They categorically denied the versions. “We did not intervene and we will never intervene,” they said. Three qualified market actors accredited the response that came from the Palacio de Hacienda. They detailed that no strange movements were detected in the wheel.
Regardless of what happened this week. The intervention is implicit in the exchange scheme: due to the blend, exporters have already allocated almost US$ 5,000 million that could have gone to the reserves of the Central Bank and not to Cash with Settlement. The International Monetary Fund already puts this on its to-do list.
Chancellery on Stand By
Precisely the multilateral credit organization will be an actor of enormous relevance for the fate of the Minister of Economy during the coming months. A new program must be negotiated to finance next year’s maturities and who knows, more fresh funds for an eventual opening of the stocks.
The concern should be shared by the entire Government. Something that does not seem to be verified in the multiple lacks of intelligence shown by foreign policy. The decision of Pedro Sanchez withdrawing its ambassador from Buenos Aires is not good news when it comes to thinking about a tight vote in the IMF board, it is an unforced error that no one seems willing to solve.
Due to the flood of questions that the Argentine embassies in the European Union received, no one knew what to answer. The silence of the Chancellery was not only outward, but also inside. There was no internal communication or guidelines on how to address the crisis for diplomatic staff.
Source: Ambito
