It was assured by the Minister of Economy, Luis Caputo. He confirmed that the organism’s credit will be US $20,000 million. He sought to take calm to markets.
In an attempt to calm the markets, the Minister of Economy, Luis Caputo, He confirmed that Argentina requested a credit of US $ 20,000 million to the IMF, and is waiting for Board’s approval. The agency’s help will be fundamental, the government believes, to decompress the pressure on the dollars and decrease the country risk.
“The level of support that we are going to have in a few days on the liabilities of the Central Bank we have never had even in convertibility”Caputo explained. His words are given at a time when the tension on the exchange system materialized with increases in the contributions of financial dollars and blue. BCRA reserves are on low and reached their scarce levels in 14 months.
“With what we are asking to the IMF, more what is IDB, World Bank and CAF we will be around 50,000 million gross reserves. How much is the monetary base today to Argentina measured in dollars? The official exchange rate is approximately 25 billion dollars, at the free exchange rate it is approximately 20,000 million. We have more than double reserves in dollars than there is base,” Caputo said.
The minister said that in the government they trust that The funds that the IMF will rotate by the agreement will help avoid jumps in the dollar. And he reiterated for the umpteenth time that the devaluation is not a requirement of the organism and is not in the exchange policy plans dictated from the Treasury Palace.
He also said that the decompression of the exchange tension will have an effect on the country risk, which in recent weeks rose above 700 points. “The agreement with the IMF should help compress the country risk. What will generate in time is for Argentina to recover access to markets,” said El Caputo.
Source: Ambito
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