Federico Furiase, one of the key advisors of the Ministry of Economy and director of the Central Bank talked about what is going on in the market in the market, after the confirmation of the IMF on the amount of the agreement.
One of the Directors of the Central Bank (BCRA) He recently spoke on the exchange volatility observed in recent days. The combination of global uncertainty and internal factors negatively impacted financial dollarswhich registered their greatest increase in the last 10 months, with an increase of 8% during the month of March. In this context, and after confirmation by the International Monetary Fund (IMF) From the amount that Argentina will receive, the official explained the reasons that led investors to seek coverage.
“This is a scenario of volatility, not run. It does not have a problem of fundamentals because there is commercial surplus, the amount of pesos is fixed, the BCRA bought US $25,000 million, inflation is going down and the economy is recovering, “said Federico Furiase, director of the BCRA in dialogue with A24.
BCRA
In that context, Furiase stressed that both the international scenario and the imminent agreement with the IMF are generating “uncertainty”which has led to “The market speculates. ” In his speech, he stressed that, historically, agreements with the IMF in Argentina have been associated with impositions, but this time the situation is different. He explained that, on this occasion, the fiscal adjustment has already been implemented, the monetary issuance has been completed and the Central Bank has acquired dollars. “Now the sanitation is missing on the asset side “he said. Furiase clarified that this program with the IMF does not aim to establish new macroeconomic goals, since the planned objectives have already been met in the previously designed program.
On the other hand, Furiase pointed out that the “confidential” character of the agreement has also been a factor that contributed to volatility. In this regard, he explained that the opposition interprets this program as an effort in which inflation and poverty were reduced, which, in his opinion, makes it a stabilization program that is already showing results. “This program was implemented without the president’s image being affected,” he said. In addition, he stressed that, although the opposition includes this process, it tends to destabilize it, and added: “Volatility was something we expected. “
Another factors that, according to Furia, increased volatility was the “Guzmán Law”, which forced the agreement with the IMF to Congress. “No country has a type of legislation like that,” he questioned, adding: “However, the fundamentals of the agreement are solid.”
Source: Ambito
I am a 24-year-old writer and journalist who has been working in the news industry for the past two years. I write primarily about market news, so if you’re looking for insights into what’s going on in the stock market or economic indicators, you’ve come to the right place. I also dabble in writing articles on lifestyle trends and pop culture news.
