“The government came out with an announcement on Friday night when the market was expecting something more. It was a very technical announcement. The measurement is not wrong, it is correct, but very technical“It was a very bad announcement, of a measure that is not bad, but it could have been made with a statement from the BCRA,” said Spotorno.
Fausto Spotorno analyzed the Government’s announcements on the monetary regime
The economist who He is part of the team of advisors to President Javier Milei He insisted that “the announcement was exaggerated and then it became a very technical issue,” while acknowledging that “it is true that there is anxiety about the exchange rate restrictions.”
“There are many companies that have to plan their lives and are worried about what will happen next. It is true that there is anxiety, but it is also true that the Government says ‘I still don’t have a BCRA ready to get out of the restrictions’,” said the professional in statements to Radio Rivadavia.
Regarding the official dollar rate and the parallel markets, Spotorno said that “The market has seen that the gap has not narrowed since mid-May and reserves have risen very little.”
“So there is a chance that they will become more nervous. The path to get out of the currency controls with the reserves increasing and the gap narrowing is a clear path, going in the other direction the two variables begin to show the tension between the private sector that needs to get out of the currency controls and the Government that cannot. And the tension is more dramatic,” he stressed.
About activity level He acknowledged that the first data for June, which was a real drop in tax collection of 14 points, “is not good.”
However, he indicated that The reports prepared by the Orlando Ferres consultancy firm continue to indicate that the price “hit bottom” in March and that in the following months at least “it did not continue to fall.”
Along these lines, he assessed that better results will begin to be achieved in the course of this quarter.
Source: Ambito
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