One way to determine if that government expectation moved to the system is to verify the volume in which the dollar deposits are found. Far from increasing, they register drip losses every day.
More than Ten days Since the Minister of Economy, Luis Caputo, announced the plan for the dollars of the “mattress” to re -enter the financial system, but still The results are waiting. It was even the director of the Central Bank, Federico Furiasewho said that “All operating issues is missing“For the plan to be put into practice, while the Chief of Cabinet, Guillermo Francos He said that the Government will present this week the bill in Congress, which is sought “shield” The new measures.
Is that a way to determine if that government expectation moved to the system is to verify the volume in which they are Dolk deposits. It should be noted that, according to data that contributed from the City, the “argen” They fell at US $ 334 million since the announcement of the “Caputo Plan”, last May 22 (And until 30/5, last data available).
“The idea of moving towards a more dollarized economy through dollar monetization is, without a doubt, interesting and consistent with the objective of stabilizing. However, The drop in deposits reflects that key definitions are still missing. The market needs More legislative and operational certainties to trust that this process will be sustainable and orderly. As long as that does not happen, it is logical that savers are kept cautious, although the plan has just been for days and therefore we have no deposit data, “he told Scope, Leonardo Anazoleeconomist and director of CEPEC.
For its part, the economist Federico Glusteinalso consulted by this means, agreed that “Specifications are missing.” But he also said that, at the moment, he influences The rise in quotes, which is convenient to keep the currencies “a prudential time” outside the system in order to “To be able to make a significant car and take advantage of volatility.”
“This movement in the exchange rateit’s a disincentive To get the dollars from the mattress, to which you have to add the ´despair of some Banks that pay to 5.5% per fixed deadlines in dollarsto continue the credit wheel of the private sector or corporate indebtedness that pay to 11%, “he expanded. In conclusion, he remarked that” what is missing is better macro conditions and more stability, that generate the necessary incentives to be able to add the dollars of the mattress and today are not given. It will have more effort and better results. “
How many dollars could re -enter the system
From the Government they insist that, despite the delays, they could “get out of the mattress” about US $ 16,000 million. “With this movement embodied in the historical reparation plan of the Savings of the Argentines, it aims to boost the consumption via the location of the dollars under the mattress, channeling them to the formal system. This would represent an increase in gross reserves (and indirectly the net), which helps strengthen the power of the central fire“, stood out on this day from Wise Capital.
Within that framework, the chief of cabinet, Guillermo Francoshe said that In the next few days the government will send the bill to Congress to promote the use of dollars not declared in the formal economy. “The intention is for the law to go to Congress this week,” said the official. It should be noted that the bill seeksand Reduce deadlines from prescription of tax crimes.
The director of the Central Bank, Federico Furiasealso referred to the results of the “dollar mattress” plan and the intention of the legally shielding government to this initiative. However, he was also realistic about the delay in the results. “Nor can it be expected that overnight that begins to happenbut we think it’s A very important measure that can reinforce everything that has to do with growth, and especially with credit growth“, hill.
Source: Ambito
