He Central Bank (BCRA) took another step in the slow, but progressive exit process from the stocks to official dollar. The monetary authority decided this Thursday to once again shorten the terms of access to the exchange market (MLC) for the payment of imports.
In this sense, the BCRA Board of Directors established, through the Communication A 8118 that, starting next Monday, October 21, the goods that still had payment terms of up to 60 days, may be paid after 30 days from the customs entry registration.
Dollar: payment terms are unified for all goods
In this way, payment terms are unified for all goods in the economy, except for those that have immediate access to the MLC, such as energy, inter alia.
In addition, Payment terms are equal for all companies regardless of their size.
Central Bank of the Argentine Republic (BCRA)
Through a statement, the BCRA explained that “The purpose of this measure, which is part of a set of actions initiated on December 10, 2023, is to normalize the payment of the flow of imports and provide greater predictability to the productive chain, having the double positive effect: to continue promoting economic reactivation and reduce the impact on goods prices”.
Dollar: beyond another flexibility, there is still “no date” to get out of the stocks
“The release from the stocks is not a date. It is conditions. We cannot do futurology. Setting a date would be stupidit would be having a level of arrogance that we do not have,” said the Minister of Economy, Luis Caputo, before the businessmen who gathered in Mar del Plata, on the first day of the 60th edition of the IDEA Colloquium.
After then ruling out the possibility of establishing a date for the end of exchange restrictions, Caputo explained that for this there must be favorable conditions to make that decision. “We are not in a hurry”he indicated.
“Yes, we are very clear about what the conditions have to be. -Caputo explained-. We don’t rush, we don’t run out of time because we designed a super robust program. The passage of time works in our favor. Because as time goes by, the terrible monetary policy of the previous government is left behind.”
He then detailed what it takes to get out of the trap. “We are in the best moment after ten months. The gap is at 15%, wholesale inflation at 2%, retail inflation at 3%, the economy is beginning to recover. We are better than where we arrived. As time goes by, the variables will continue to improve. “Then we will be able to get out of the trap.”he expressed.
One day before, during BCRA Monetary and Banking Conferences 2024President Javier Milei had also referred to the eventual exit of the dollar stocks, repeating that he does not know when it will come to fruition and that “It will depend on the agents’ decision.”
“When do we get out of the stocks? Time belongs to God…it will depend on the agents’ decision. When observed inflation tends towards induced inflation, the money overhang will disappear (monetary surplus). There the exchange rates and the inflation rate converge, and as I resolve the issue of stocks and, if there is no excess supply of pesos, I can open the stocks even if I do not have dollars. You have to see this mechanic. That day we are going to open the stocks. When it will be, I don’t know,” he closed.
Source: Ambito
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