Federico Furiase, director of the entity and advisor of Luis Caputo, said that the central already has sufficient liquid reserves and a controlled monetary base to sustain the exchange rate without direct intervention.
The director of Central Bank (BCRA) and advisor to the Ministry of Economy, Federico Furiasesaid Monday that the accumulation of reservations progresses as planned and assured that the current exchange scheme and monetary is solid. In radio statements, he explained that the goal of reaching U $50,000 million in gross reserves It is expected for late Juneand not May as Javier Milei had been said to announce phase 3.
Furiase, in dialogue with Radio Miter, clarified that the official projection contemplates Income from agro exports and disbursements of international organizationsthat together they would represent about US $Additional 20,000 million. Only the Thick harvest settlement I could contribute some US $3,000 millionfigure that could increase by the incentive generated by a TRANSITORY LOW in retentionswhich rises again at the end of the month.
Also mentioned as a key factor the contributions compromised by the IMF and other multilateral organismswhich will contribute to reinforce reservations. In front of the US $38,037 million informed at the end of the previous Friday, he remarked that It is not the exact number of the relevantbut the structural change in the balance of the central: “With the recapitalization, the dollars that have already entered and those who are going to enter, we have a central bank that is sanitized.”
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The BCRA discards strong exchange jumps
The economist said that the BCRA has operational capacity and sufficient liquid reserves to hold the parity of the weight without shocksin a context of fiscal surplus, without monetary issuance and with recovery of the demand for weights and credit. According to Furia, the monetary base represents just a 6% or 7% of GDPwhat margin provides to face seasonal volatilities without serious exchange risks.
Regarding the exchange rate, he described a regime with implicit flotation bandswhere the dollar has a Around around $ 1,000 and a Between $ 1,300 and $ 1,400 roof. “We have a exchange monetary regime that allows stability to be defended without direct intervention,” he said.
In parallel, a change of behavior in the economy: With the deceleration of inflation and the reduction of rates, the weights stopped being seen as an asset that is liquefied and were used again for savings and consumption, especially through credit. In that sense, he pointed out that credit to the private sector It grew from 4% to 9% of GDPdriven by the new macroeconomic frame.
“Mattress dollars”: the objective of the government
Furiase also emphasized the need for formalize the dollars that are still outside the banking systemto strengthen reservations and expand access to financing. He said, every dollar that is incorporated into the formal circuits enhances the available credit.
Consulted about the attitude of some private banks that are not yet fully aligned with the new schemehe attributed his caution to the experience of previous governments that They pursued savings in dollars. However, he highlighted the support of Most provincesindicating that eventually the system will be adopted in a generalized way.
Furiase concluded that the strengthening of weight is not based on interventions or controlsbut in Solid foundations: fiscal surplus, recapitized Central Bank, absence of monetary issuance and country risk fall (from 2,700 to 650 points). In addition, he pointed out that it is observed A tax and nominal prices decline in key sectorswhich also reinforces macro stability.
“The currency is strengthened because there is balance. Today the Central Bank can sustain exchange parity with sufficient free availability reserves against the amount of pesos in the economy,” he said.
Source: Ambito
