In a context of growing need for dollars And, as if it were a tweezing strategy, the government made a two -stroke movement: the first, widely disseminated; The second, no.
While the minister Luis Caputo in recent days a kind of “Road Show” to “sell” the virtues of the new scheme of the “Colchón Plan”the Casa Rosada has implemented a new regulation that seeks to facilitate the entry of dollars without depending exclusively on the operations within the exchange bands.
According to information accessed this medium, this measure, promoted by the Central Bank of the Argentine Republic (BCRA) Through the Communication “A” 8245, The main objective is Attract foreign capitals and energize the negotiable obligations market (ON)while Prepare the land for the emission of bonds “Weight Linked” that adjust their value to the official exchange rate.
The modifications under deaf to forge a “funnel” of dollars
The new regulations introduce Two key modifications. On the one hand, Flexible the conditions for foreign investors to acquire public titles in pesos with dollarswhich simplifies access to the local debt market.
On the other hand, It establishes in 12 months the minimum period of issuance of negotiable obligations to conserve access to the official dollar for the repayment of the maturities of that corporate debta measure that, as they point out in the City, seeks to expedite the collection of funds for both treasure and private companies. For the government, this initiative is part of an “effort” to increase BCRA reserves, at a time when the liquidations of the agro -export sector, although increasing, do not reach to compensate for the demand for foreign exchange.
It is Vox Populi that the Palace of Finance seeks reinforce BCRA reserves To fulfill debt commitments and maintain control of the exchange rate, in a scenario where they understand in the Monetary Fund (IMF), the accumulation of currencies is key to sustaining macroeconomic stability. The measure is complemented by the expectation of a greater entry of dollars in the second semester, which would allow the BCRA to move away from the concerns of not being able to intervene in the exchange market – it is forbidden by the agreement with the fund – and prioritize the control of inflation and the fulfillment of fiscal goals.
However, analysts warn that market expectations are not entirely optimistic. Two operators consulted who requested anonymity consider that the reserves goal may not be fulfilled, since the government’s priority seems to focus on stabilizing prices and consolidating the fiscal surplus. In this sense, the new regulation aims to diversify the currency income sources, avoiding the dependence on purchases on the exchange band floorwhich currently is around $ 990.
For its part, as noted by President Javier Milei himself, this strategy is aligned with a exchange scheme of bands ($ 990 to $ 1,400), where the BCRA seeks to take advantage of external capital flows and agricultural settlements to swell its reserves. However, electoral uncertainty and international debt maturities for 2025 could complicate the panorama, especially if a sustained increase in net reserves is not achieved.
The ads and defense of the new program of the Government of Javier Milei
The Minister of Economy, Luis Caputoexplained the measures announced last Thursday so that people take out the “Mattress dollars”And he assured that this package “is to return freedom to Argentines. So they can use their savings.” In television statements, the official stressed: “The State started from the base that there were 50 million suspects: we reversed the burden of evidence.”
In that sense, he said that the State pushed people to informality, which caused “more and more pesos” and then apply new controls, such as price controls and stocks to the dollar.
As the minister pointed out, the dollars in the mattress were not a saving, but a “treasure”, which “does not serve anyone, because that money is not used for consumption or serve to finance the investment of companies.”
“Reactivating the economy generates more resources, allows us to reduce informality and also benefits those who pay taxes,” he said.
By his Lark, he refused to project how many “dollars of the mattress” and how long they can enter the formal circuit of the economy from the new measures: “We propose it as a cultural, philosophical change. It should have an impact, but what we are looking for is to create the conditions. I cannot make futurology of how people will react.”
Source: Ambito
