Massa to the market: “Devaluation shocks produce poverty”
The new economy minister Serge Massa, he referred this Thursday to the dollar and ruled out, in principle, a devaluation in the form of a jump, when announcing his work plan.
“Devaluation shocks only produce poverty and an enormous transfer of resources”warned Massa, while remarking that “Argentina has a bi-monetary culture with which we live, this idea that the dollar is part of our daily lives”.
“Macroeconomic planning is to correct distortions, they are not done in one day, nor in two. It is done within a period and with objectives. They are done on the basis of strengthening the BCRA’s reserves”he pointed.
On the other hand, Massa said that he met with the International Monetary Fund to continue with the disbursements planned for Argentina, which has a program for some 44,000 million dollars with the organism.
The minister, who said that the country will meet the 2.5% deficit goal established in the budget, also announced that he will launch a voluntary swap for debt maturities in pesos over the next 90 days, which will end on Tuesday and has already generated adhesion commitments of 60%.
Source: Ambito
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