Vladimir Wering highlighted the achievements of the BCRA in the fight against inflation and ratified the direction of monetary policy.
“In 2002, Mario Blejeras president of the BCRAcreated the LEBACs in a very serious context in which the Argentine provinces printed quasi-currencies and the country had no financing,” he recalled Vladimir Wering. But she warned that, over timethe LEBACs led to a serious problem and the current management of the BCRA They inherited a high level of remunerated liabilities that brought the quasi-fiscal deficit to 10% of GDP.
Wering He highlighted that there were several paths to follow to solve this problem. “One of them was a Bonex Plan“He recalled. He also said that this path would have led to a bankruptcy of the banking system.
“For this reason, we chose another path in which a prudent path of lowering rates began and financing from the BCRA to the Treasury was lowered,” he stated. Wering. And he highlighted that the banking system was removed as a financier of the public sector.
The official highlighted that the current rates are consistent with economic imbalances and emphasized that “the current administration managed to avoid hyperinflation thanks to the anchors it chose, among which the fiscal one has been key.”
Wering He also assured that “Argentina has two essential assets: one is the energy sector, which will be key for the macroeconomy due to its contribution of dollars, and, on the other hand, the healthy balance sheet and good management of the companies,” said the Vice President of the BCRA.
Source: Ambito
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