The Minister of Economy, Luis Caputo, He referred on Tuesday to the accumulation of reservations provided for in the new agreement with The International Monetary Fund (IMF) During a streaming interview, after the announcement of the economic measures arranged by the Central Bank (BCRA) on Monday to reinforce public coffers.
The Fund granted the Government an additional weeks to verify if the Central Bank can accumulate the US $ 4,000 million provided for in the extended facilities program. The cutting date, originally set for June 13, was postponed until the end of July.
In that context, the official said that “The accumulation of reservations is a consequence of the proper functioning of the program”in dialogue with the streaming fuck, where he also added: “At some point, it is something similar to inflation with fiscal surplus without issuance of money. Inflation will collapse.”.
For “Toto” Caputo, “The floating exchange rate and a capitalized central bank” were the measures that modified the relative importance of Reserve objective Within the economic strategy and this goal “It does not have the priority level of a few months ago”.
BCRA reservations: How will the body do to meet the IMF goal?
On the possibility of accumulation, the head of the Palace of Finance said that It could be done through the national treasure, using the pesos from the fiscal surplus to buy dollars in the market without the need to issue. “Far from having a deficit, the treasure has surplus, a surplus that more or less is around billion pesos per month”he emphasized.
Among the examples, Caputo recalled the recent purchase of US $1 billion by the Treasure After the Bond issuance for foreign investors subscribable in dollars expiring in 2030 (bonte) and then subscribed in pesos. “The treasure could calmly have told investors ‘go and sell those dollars in the market to get pesos.’ We from the treasure we buy those US $1 billion”he stressed.
And emphasized that the intervention of the Central Bank will only occur at the ends of the flotation bandinitially located between $ 1,000 and $ 1,400, with a monthly devaluation of 1%. “We said there was going to be a band where the Central Bank was going to be buying dollars only on the band of the band and selling dollars only on the band’s roof”he recalled. And emphasized that intervening within that strip takes away “credibility” to the program.
For his part, the president of the BCRA, Santiago Bausilihe anticipated that this Wednesday, agreement will be closed for a credit in format Repo from among US $ 1,500 and U $ 2,000 million With international banks. The interest rate would be lower than that of the last loan that was 8.8% annually in December, according to the official.
Among other sources for the entry of currencies, Caputo mentioned the arrival of private investmentshe External financing of companies or provinces and the Sale or concession of state assets.
Source: Ambito
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