In his usual morning press conference, Manuel Adorni once again postponed details regarding exchange rate freedom.
The exit of the exchange rate trap remains one of the main questions regarding the monetary policy of the current administration. That is why in his lectures in Pink Housethe presidential spokesman Manuel Adorni receives recurring questions about the details that exist regarding the free circulation of foreign currency in the country.
“The cepo will be lifted as quickly as possible because for us it is something disastrous and It is a symbol of lack of freedom. It’s going to be done in the short term and we are all eager for it to happen as soon as possible because it is essential for the growth of the Argentine economy,” Adorni summarized on Wednesday.
However, when asked if this would happen before the end of the year, the official said that “we never had that projection” for this to happen, and that the decisions will depend on what happens with inflation. “Times are God’s, as the President would say”he added.
Manuel Adorni Press Conference
Mariano Fuchila
In conclusion, he said: “We do not know the timing. We are doing everything necessary for this to happen but We do not know the deadline that the delay in economic policy marks for you. from the moment you implement a measure until it has an impact on inflation.”
Javier Milei listed the conditions necessary to get out of the dollar trap
Through his official account on the X platform (formerly Twitter), Javier Milei answered questions from users and followers and talked 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 restrictions would be lifted in the next 90 days, Milei specified three conditions for that 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.
Cepo: the BCRA changed the regulation and facilitates access to the dollar for payments abroad
By means of 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 exchange market for the payment of interest on commercial and financial debts.
Central Bank BCRA
Ignacio Petunchi
As published in the regulations, the BCRA eliminated prior approval for certain interest paymentsfor example, from now on, “prior approval of 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 maturity of interest occurs from 5 July 2024 onwards.”
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
