The chief economist of the FIEL Foundation Daniel Artana analyzed the end of the currency controls and the inflation projection for the coming months. “The conditions that he mentioned yesterday on Twitter to lift the restrictions will not be possible in three months, it could be at the end of the year,” analyzed in dialogue with Radio 10.
“I think the currency control is an abnormality. Countries do not have a currency control like Argentina. It is not usual, it is an anomaly,” he defined and reiterated the three conditions that President Javier Milei named to get out of the currency control: remunerated liabilities, puts and lower inflation.
The day before, Milei answered questions from users and followers on the social network X and spoke about the “Convergence of inflation with devaluation in an environment close to zero monthly” as the new objective of the Executive Branch.
Asked if there was any chance that the restriction would be lifted in the next 90 days, Milei specified three conditions for this to happen. “Three conditions must be met together… End remunerated liabilities. End PUTs. And convergence of inflation with devaluation in an environment close to zero monthly…”, the President posted.
Regarding the cost of living, Artana said that “inflation in June will be higher than in May” due to delays in the increase in rates, but he was confident about the downward trend in the coming months. “Inflation is between 4% and 5% per month, far from the level the President wants” to get out of the trap, the economist explained.
The Government prepares the conditions for the end of the cepo
Milei’s statements on the exchange restriction come after the comments of the presidential spokesman, Manuel Adorni, who said that “we are beginning to monitor the currency restrictions”: “We have explained on more than one occasion why the restrictions continue, although we are beginning to monitor them,” the spokesman said at his usual daily press conference in response to a question from Ambit.
The official also referred to the criticisms expressed in recent hours by the former Minister of Economy, Alfonso Prat Gay.
“They create a deregulation ministry while clinging to the cepo, the retentions and the PAIS tax,” posted the former official of Mauricio Macri.
Cepo: the BCRA changed the regulation and facilitates access to the dollar for payments abroad
Through Communication A 8059/2024 of the Central Bank (BCRA) published this Monday in the Official Gazette, the agency modified the prior compliance requirements for access to the foreign exchange market for the payment of interest on commercial and financial debts.
According to the regulations, the BCRA has eliminated prior approval for certain interest payments. For example, from now on, “prior approval from the BCRA will not be required for the payment of interest on commercial debts for the import of goods and services with related counterparties abroad, provided that the interest becomes due on or after July 5, 2024.”
This means a significant simplification of the process, which will allow companies to make their payments more quickly and efficiently. The text also announced that the BCRA will soon send financial institutions updated sheets of the rules for “Exterior and changes” that incorporate these new modifications.
Source: Ambito
