The president of the Bank of Securities assured that the Government has USD 20,000 million to intervene in the exchange market, but warned that the key will be the reaction of investors. He supported Luis Caputo, highlighted the political impact of the elections in Buenos Aires and said that country risk is the main economic challenge.
The president of the Bank of Securities, Juan Nápoliclose to the president Javier Milei, He affirmed that he believes that the government has U $20,000 million To face exchange tension. However, he highlighted the eventual swap that the government seeks with the United States and highlighted its concern about the reservations and country risk.
“You have dollars, but you depend on the reaction of investors,” he said in dialogue with Radio Miter. As detailed, the Central Bank intervened in recent days: “On Wednesday it sold more than US $ 50 million, the second day almost US $ 400 and yesterday almost US $ 700 million. The US $ 20,000 million are, the issue is that everything that intervenes subtract from the payment of debts of 2026. I estimate that the conversations with the US Treasury have to do with those maturities.”
The banker considered the US financial support It materializes in the coming weeks, with an announcement that could be made before the legislative elections. “We have been working, we are very advanced and it’s a matter of time,” said Milei in a recent interview.
Juan Napoli.jpg
Juan Casas for Forbes
Country risk in the sights
Although the dollar It is still in the center of market concerns, Napoli said that what is most concerned is the country risk, which is located at levels that described as “country at risk.”
“With fiscal numbers better than neighboring countries, we have a risk two or three times higher. This is a disarmament of public titles positions that obeys political risk,” he explained. For Napoli, the markets are observing the fundamental political dispute: “There was a clear winner, Axel Kicillof, a possible presidential candidate in 2027. Today the market sees Milei or Kicillof, and that generates electoral panic.”
Consulted about the famous phrase of Luis Caputo (“Buy, champion”) and the subsequent increase in the dollar, Napoli came out in defense of the Minister of Economy: “Canchera may sound, but it was a great phrase: the debate was whether the dollar was late or not, and what he said was about the freedom to buy, Thing that is not happening now. Today there are restrictions of the CNV and the BCRA that I do not share, but I understand. ”
Napoli also acknowledged that the volatility climate impacted fully on the Alycs. In fact, your own society, Nápoli Inversiones SAa September 15 reported a Net loss of $ 9,147 millionequivalent to 53% of its net assets, mainly due to the fall of public and private titles.
Source: Ambito
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