The announcement of a new agreement with the International Monetary Fund (IMF) It generated a cimbronazo of expectations in all the protagonists of the change market. Within that framework, the Economist Roberto Cachanosky expressed his criticisms of the measures of monetary policy held by the government of Javier Milei.
“Caputo says that there are not enough pesos for someone to make a run against the dollar. If this is so, It will release the market, what is the problem? Take out the stocks, let the exchange rate float freely and let the weight rise “proposed the economic advisor.
In addition, he stated: “Yes you have everything in order, you made the greatest fiscal adjustment and you are the best government in history, Why do you keep keeping the stocks and maintaining change control? ”
Cachanosky He understood that “the underlying problem is to force the one who exports to selling his dollars to the Central Bank to a minor exchange rate than the market”, a situation that I consider “a kind of confiscation.” “It’s worse than the Bonex Plan: you keep confiscating exporters“He insisted, interviewed in Urban Play and stressed that there was no sensitive strengthening of reserves since the change in management.
Finally, he recalled that “The free markets are not free either, because the Central Bank intervenes so that the gap does not rise” And that “everything that the Central Bank is not belonging to it, such as the bank lace.” “They are using people’s dollars to maintain still exchange rate in free markets,” he highlighted and estimated the intervention in a sum close to the U $ S 19,000 million.
Luis Caputo: “The solution is to lower prices, not devalue”
Luis Caputo, admitted to a business forum in Mendoza that “it is true that there are expensive prices in dollars”, although he assured that “devaluate is not the solution “, Meanwhile, he confirmed that he is close to closing an agreement with the IMF.
“On the contrary, the solution is that these prices fall and That will happen with fewer taxes and more competition “said the head of the Treasury Palace, thus rejecting the idea of ”exchange delay.”
In that sense, he considered that “The solution is to lower prices and go down with less taxes and more competition “while indicating that in the industries that are exposed to import competition “Prices are going to go down, as already happened with cars. ”
Thus, it ruled out the possibility that the government advances with some modification of the exchange policy at the expense of an agreement with the International Monetary Fund (IMF).
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The details of the agreement with the IMF
Caputo said that The IMF is not demanding from the Argentine government a devaluation of the peso And as long as he indicated that the officials of the Palace of Finance have already agreed on how the economic program continues.
In this regard. The official reiterated that the proposal for a new program with agency COmar would in the first four -month period due to the legislative procedure that the IMF bureaucracy is needed.
“There will be an agreement in the first four -month period. We agreed with the economic program. The IMF never asked for a devaluation ”, Caputo said who reiterated that there will be fresh funds to recapitize the assets of the BCRA.
Confirmed that Operation will serve to rescue non -transferable letters that appear in the Central Bank asset. The letters are like a promissory note of reservations that were extracted from the entity more than 15 years ago.
In that sense, Caputo indicated that the IMF money “goes to the treasure and then repurchase debt that the BCRA has of the treasure”
Source: Ambito
