“There is no date, we have to make sure that there is no chance of a bullfight when the stocks are opened”pointed to Ambit a high-ranking source from the Casa Rosada when asked, this Tuesday morning, about the versions of an upcoming release of exchange restrictions. In this regard, he stated that “The only way we could determine a date would be if we had $15 billion, which – for now, at least for now – we don’t have.”.
The clarification is linked to the statements made by the head of the Buenos Aires Stock Exchange, Adelmo Gabbi, after being consulted on radio Miter about when economic growth will begin. The business leader pointed out that “It will come when we get out of the stocks, which is a fundamental stop for the growth of the country. When we leave the country has great possibilities. Milei said that in May we didn’t have any more stocks.”
It is worth remembering that last Monday representatives of the so-called “Group of 6”which brings together the most powerful businessmen in the country, held a meeting with the president Javier Milei.
Since the new administration took office, the Central Bank recomposed its foreign reserves. Until yesterday He had purchased more than US$11.3 billion.
However, net reserves continue to be in negative territory, at US$2,088 million, according to Ecolatina. Furthermore, it must be taken into account that, in the three months of the new Government, Postponed import payments amounted to US$9,459 millionincreasing the commercial debt (accrued imports – payments for the effects of imports), according to a report by the consulting firm ACM.
In these terms, both President Milei and the Minister of Economy, Luis Caputoexpressed themselves cautiously about the possibilities of lifting the stocks, since the Government – they emphasized – They are not willing to take the risk of a run.
Beyond the prudence in the statements, in the Government there is the conviction that, with the liberalization of the exchange market, economic activity would have a strong boost. For this reason, official management is exploring possibilities of obtaining external financing for US$15,000 million to accelerate the lifting of the stocks.
In this sense, there are conversations with both the International Monetary Fund (it could contribute about US$ 5,000 million), “some friendly country” (the same) and contributions from different investment funds (at a rate of about US$ 1,000 million each), according to official sources told this medium. Although they clarified that “It is still in a negotiation stage.”
Expectations
The versions about the release of the stocks occur in a context in which financial markets are responding favorably to official policies.
“The one that is doing the best is the Stock Market, because it works with expectations, and the expectations are favorable. We have a country risk that has decreased significantly, public securities that rise every day, there are international interested parties interested in investing in Argentina, we are in a good moment, but in general, the President gave an optimistic image and said that they were doing things much faster than thought. It was an excellent meeting,” Gabbi said about the situation that businessmen are going through.
In addition to the head of the Stock Exchange, yesterday’s meeting with the President was attended by Daniel Funes from Riojafrom the Argentine Industrial Union (UIA); Gustavo Weiss, of the Argentine Chamber of Construction (Camarco); Nicolas Pino, of the Argentine Rural Society; Mario Grinman, of the Argentine Chamber of Commerce and Services (CAC), and Jorge Brito, representing the Association of Argentine Banks (Adeba).
Particularly, among foreign investors, it is striking that the Government maintains a positive image despite the strong program of adjustment of public accounts that it is carrying out, as revealed by different measurements.
Source: Ambito
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