“The dollar is going to shoot in no way,” he ratified after remembering that last year he had settled that the scheme raised by the Government It is “so robust” that “there may be volatility but there can be no cimbronazos.”
As Caputo explained, during the last days, “the Central Bank did not spend 1.7 billion pesos trying to contain the dollar. That is what is spent on the free and unique market of changes. If there are more exports than imports, the BCRA Buy, as we did in the last 14 months. In the last 10 days there were more imports than exports, we knew perfectly what was going to happen. “
He explained that to some extent this could have happened because exporters are waiting to have a clearer panorama of the economic direction and have more details about what will happen from the agreement with the IMF.
“With Guzmán law, we already knew it was going to happen. A period of uncertainty between the DNU is generated and the approval of the fund. As officials we cannot say anything and then the opposition and journalists take the opportunity to generate uncertainty in the people. So Exporters retain and do not liquidate “, He said in an interview in LN+.
In any case, the head of the Treasury Palace said this “is not a problem” since “the importer who advances the importation tomorrow will not have to make that purchase again and the exporters will eventually liquidate.” “The reservations you are losing now when we close the agreement will recover. It is not a concern“He trusted.
In that sense, he remarked that “the short term does not matter.” “Always Machaco in something: that things in economics go through something. Argentina had no defaults and devaluations because yes. That was the product of doing things wrong.
Caputo highlighted government management and pointed out: “When people say ‘we saw it’ I insist that they saw nothing because this was not done in 120 years. The most important Nobel Prize in the world comes and ask us to write a book. It is studying at the best universities in the world. What we did, was not done in 120 years “.
Luis Caputo stressed that the government program will advance “faster” with the IMF loan
In relation to negotiations with the IMP, The official explained that Argentina It was already coming from an agreement of which “no goal had been fulfilled” and they decided not to propose a new agreement because “they were going to doubt.” “We knew that we were not going to convince them, we had the other option that was to revive the old program, but the goals they had led us to the same hyperinflation. We put much stronger and more ambitious goals. We design it being in the private sector and put it into practice on the first day. “
“We put our own program and We showed him to the background and the world we were right. That everything they thought was impossible, was possible, that lowering inflation was possible, that having fiscal balance was possible. Then for September and October we said to the background that We could continue with the program and you get up and give us a hand. If we had continued as until now, It was to continue buying reservations. Going to the background, we do it faster “, Caputo stood out about negotiations with the agency.
On this point, he also added that it is not about “new debt” but that the government is “replacing what Kirchnerism did between 2011 and 2014 that issued non -transferable letters to get dollars to dollars to BCRA “. In this regard, he explained: “The weights he emits is the debt to people. Complying with that commitment is a moral issue. Kirrernismo took out the support of those pesos, they took US $120 billion to the BCRA, Three agreements with the IMF, and as I had deficits, pesos to Mansalva. There were more and more debt and less support. When we arrived there were almost four monetary bases. And it is not that there were no reservations, there were negative reserves and owed US $ 40 billion to importers. Now we are turning what Kirchnerism did, repurchanging those letters, honoring that debt and Buying dollars again so that the weights have support“
The minister also gave details on how the debt program will be carried out at the time of formalizing with the multilateral body and reiterated that the money will be used to repurchase non -transferable letters that are in the hands of the BCRA. “The operation works as follows: the dollars we receive We will use to repurchase non -transferable letters. These dollars become part of the BCRA reserves and reserves are freely availability, “he added.
Although it did not give deadlines, he stressed that the first section of the loan “will be very important” because “the BCRA is decapitalized.” In turn, he revealed that they are working so that the IMF makes a larger disbursement than usual in the early stages of the agreement: “We have asked for more for a reason. In a traditional agreement, what the fund does is to do those partial disbursements in exchange for the fulfillment of partial goals, something we already did. We already did everything“He said.
“Inflation in Argentina is going to end collapsing,” said Luis Caputo
On the other hand, he stressed that the government designed a “solid” program that will have a “long -term” impact. “Inflation in Argentina is going to end by collapsing, the dollar is not going to be a problem. It is a time issue. Today Argentina is one of the best students in the world, it will do well. People are going to see it in practice, “he predicted.
The minister considered that economic growth “He feels feeling on the street” and “that’s why the president a high level of support.” “Real wages rose almost 6% since November in real terms. That is the important thing,” he said and stressed that “people are clearly better, it was much worse.”
In that line, he sought to transmit tranquility and stressed: “What matters most to me is people. We are going to do what is better for them. Clearly that among silver to support weights is something good. We are never going out of restrictions if we are going to generate stress to people. That they have to understand. “
Source: Ambito
