The former Minister of Economy pointed out that it was essential to “lift the exchange restrictions” in order to begin a second stage of the Government.
The last Minister of Economy of Mauricio Macri, Hernan Lacunzawarned that if “We continue to pronounce an incipient exchange rate delay” every day it will be more difficult to “get out of the trap”something essential to begin the second stage of Javier Milei’s government.
“The next stage (of the Milei government) should end, not immediately, but not in the too distant future either, with lift exchange restrictionsAnd I say not too far away, because If not, there will be no credit, there will be no reactivation, then everything will become complicated. And so, it will be difficult to lift the restrictions if we continue to declare an incipient exchange rate lag,” Lacunza warned.
For the economist linked to Mauricio Macri, What Javier Milei has done so far has been relatively good because it avoided a “catastrophe” due to the situation inherited by the previous government, but at the same time He admitted that the downside was a very sharp recession.
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“Clearly, just as we were coming, we couldn’t continue. The previous government left us on the brink of a catastrophe. Because it could have had different manifestations, hyperinflation, corralitos, defaults. Well, I think that was pushed aside,” Lacunza assessed on CNN Radio. However, he pointed out that “the flip side of that is a recession very acute, of the order of 5% in production, which obviously It is not free in economic, social and even political terms.“.
For the second phase, Lacunza considers that “The Bases Law is a good instrument, a starting point for making micro reforms. But, as always, the micro accompanies, but the macro rules. And the macro, basically, or the exchange rate, is a very decisive instrument, very fundamental in that macro stability.”
The exit from the stocks and the exchange delay
Lifting foreign exchange restrictions is no easy task. Lacunza said in an interview on CNN radio that to achieve this goal it is necessary to have “more or less adequate reserves for liabilities, that is, for the pesos that are in circulation and that can be exchanged for dollars. And that is the stock. Now, the flow is, It has to be at a competitive exchange rate, because if not, no one will want to stay in pesos“.
“For a month now (the Central Bank) has not bought reserves and the gap doubled, went from 20 and a little to 40 percent. So, those They are early warningsthat there must surely be some fine tuning in the program so that it does not get caught in a curve in a few months, right?” Lacunza warned.
Lacunza is keeping a close eye on the incipient delay in the exchange rate, something that the Government has repeatedly denied. Even though it insists that it will not devalue the official dollar, the parallel markets could do so anyway.In the end, the dollar does by bad means everything that politics does not do by good means.even if you consider that you are on the right track to make the necessary reforms,” he said.
Source: Ambito
