Report by Liliana Franco.- Claudio Cesariopresident of the Association of Banks of Argentina (ABA), expressed that the entities are “part of the solution and not the problem”by highlighting the solvency of the local financial system. It was within the framework of the end of the year toast with the press.
“The solvency of the system has allowed us to face without any problem any demand from depositors, both in pesos and dollars. Honestly, we are part of the solution and not the problem”Cesario remarked, at a time when there is talk about the possibility of closing the Central Bank (BCRA), as proposed by the president-elect, Javier Milei.
Cesario also advocated the implementation of “a credible and sustainable economic plan to stabilize the economy and lower inflation with fiscal balance.”
For his part, the head of ABA He focused on the role of Argentine exports as a genuine source of foreign currency and their potential in the face of future global demands.
In that sense, he said that having a “a solid economic program with fiscal balance” will allow “rationally managing the reduction of the stock of bills that are used to sterilize the surplus of pesos that are on the street.”
Along these lines, he stated that it is “an extremely challenging context in economic matters and with strong social demands” and questioned that “The measures adopted so far have not resolved the structural problems, which are the stagnation of private job creation and real wages.”
Regarding the Leliqs, he said that they are “an instrument of monetary policy that grew at the same time as inflation and interest rates,” and that – unlike sectors – was more of an opportunity than a problem.
“With confidence and without monetary issue, the Leliqs should be just an anecdote in the future,” Cesario emphasized.
The manager recalled that together with ADEBA, the entity that brings together national capital banks, “We made a proposal to exit the Leliqs that consists of gradually redirecting people’s deposits into loans to the private sector.”
In another section of his speech, Cesario said that for ABA the focus must be “in the promotion of exports, which is the genuine source of access to foreign currency” and highlighted as a positive fact that There are numerous investment projects in renewable energy, telecommunications, infrastructure, agribusiness, knowledge economy, mining, oil.
“All projects that have the advantage that they are things that the world is demanding and where Argentina can be very competitive”added the head of the banking entity.
Looking at what he expects from the new government that will take office on December 10, Cesario said that “The commitment will be to make life a little easier, deregulating a lot of issues.”
The head of ABA called for “growing a lot in terms of the level of credit over GDP” and said that it is necessary “a strong reduction in both national and provincial taxes and municipal rates that affect credit.”
“Argentina has the famous Argentine cost, the fiscal cost is one of the problems that Argentina has,” he stressed.
On the other hand, in relation to the payment method system, he added that “cWe believe that the transparent competition of all actors in the payment system will improve and make a more user-friendly experience, with greater traceability of all transactions”, with a “unique QR code and interoperability as happens in other countries and complying with international standards”.
Source: Ambito
I am a 24-year-old writer and journalist who has been working in the news industry for the past two years. I write primarily about market news, so if you’re looking for insights into what’s going on in the stock market or economic indicators, you’ve come to the right place. I also dabble in writing articles on lifestyle trends and pop culture news.
