The elimination of COUNTRY Tax It will have a progressive effect on price reduction given that some prices had already fallen and others will do so in the coming weeks.
The economist Fausto Spotorno He stressed that the tax that is no longer in force, generated an average increase of 2% in consumer prices.
In dialogue with Radio Rivadavia, he pointed out that this percentage “is what should be reducing. It was probably already being reduced in recent weeks because it was incorporated into the companies’ replacement prices. It may continue to be reduced in the coming months.”
Spotorno pointed out that the PAIS Tax was a “very rude” tax that distorted the exchange market.
The economist argued that the application of the tax on the purchase of dollars in the official market encouraged the purchase of dollars in the parallel market, which increased the exchange gap.
The economist also referred to the difficulty of raising the exchange rate and explained that, although the Government bought dollars in recent months, it was not able to accumulate reserves due to the distortion generated by the stocks in the exchange market.
In this sense, he indicated that the Central Bank is forced to sell the dollars it buys to “enable imports”, which makes it difficult to accumulate reserves.
Finally, Spotorno was in favor of the debate on the return of the credit in dollars. He considered the possibility of granting mortgage loans in dollars with lower interest rates “interesting.”
The specialist recalled that in the past an attempt was made to implement a credit system in dollars, but that the experience generated problems of bank “runs.”
Source: Ambito
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