That is why Daniel Marxexecutive director of Quantum Finance and former Central Bank of the Argentine Republic (BCRA) Between 1987 and 1988, he stated that “The IMF recognizes that Argentina has made a lot of effort in correcting fiscal numbers, lower inflation and correct some prices of public services, But he also knows that there is already a lot of money borrowed ”.
In turn, he interpreted that “The IMF needs an Argentine resolution on how it will leave the stockswhich is the most complicated point in this negotiation. ” While he said that “the stocks is much more liberalized than what was a year ago,” he said that “it is not a good time to lift the stock because the restrictions follow.”
It was then that he sentenced: “Today the government considers that there are not enough dollars to face a run.” “We are in the situation where it is true that the Central Bank buys and sells reservations. In the middle he stayed with something, but not enough, ”he said in dialogue with AM 750 and considered that”The rhythm of accumulation of reserves of the Central Bank should be increased and with that maintain some line of competitiveness of certain sectors. ”
Exchange rate
Daniel Marx It was also expressed about the exchange rate: “The weight is now a little more reinforced than what was before, because people do not run out of the weight as they did before.” “The IMF does not ask for a devaluation on the first day, and the government does not want to devalue”he reflected.
On the way to Free currency circulationthe economist pointed out that “there is no endogenous dollarization thinking that the dollar will replace the peso, the two coins are being used more and more.”
On the other hand, he indicated that “There are prices in Argentina that reflect production costs that are higher than on other sides and others that could generate income from imports. ”
BCRA intervention went down to stop relevant reserves
He Central Bank decided to reduce the volumes with which it intervened in the Bond market In order to try to control the gap that Financial dollars They have the officer. It should be noted that, at this time, The spred with the official exchange rate is around 15%,
From Aurum Securities, they estimated that during The second half of January the intervention would have been reduced to approximately US $ 340 millionbased on the official data of the variation of reservations and the monetary base.
This implies that about US $ 34 million were used for each day. “While it would have decreased with respect to what was exhibited until January 16 as published by the Central Bank, The intervention rhythm remains high. This happens despite the flow that continues to inject the Blend dollar and the improvement of the rate to pesos measured in dollars, which should favor the commercial trade trace, “said.
From Outlier They also confirmed that there was less intervention and said that this happens within the framework of a coin recovery of the region after a global strengthening. From this report they do not rule out that “There is also local noise on the side of negotiations with the International Monetary Fund “
Source: Ambito
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