The director of the Central Bank (BCRA), Agustín D’Attelis, criticized the “manipulation” and “destabilization” that caused the drop in the price of debt bonds in pesosand advanced that the monetary entity understands that an adaptation of the reference interest rates is necessary.
“Since it arrived, the Government has been in charge of restructuring the debts in hard currency that the previous management left as an inheritance, and began to bet on the strong formation of a market in pesos, which is something that today The opposition and its leading economists are working on trying to destabilize it by installing ghosts where there should be no problem.“, asserted D’Attelis in dialogue with Radio 10.
The new director of the BCRA, who replaced Guillermo Hang after the latter’s arrival at the Ministry of Internal Trade at the end of May, joined the statements of the Minister of Economy, Martín Guzmán, who ruled out the possibility of a “default” of the debt in pesosand rejected a television analysis broadcast on the signal La Nación + where the state company Enarsa was accused of generating the trigger for the drop in bonds by getting rid of public bonds in pesos last Thursday to buy dollars and import gas.
“This hypothesis it is a false hypothesis because the exit that took place from the need that Enarsa had to pay for some things was on funds with liquidity where they place money so that, when they need it, they redeem it and the next day they have the money. These funds do not have indexed instruments because they settle with longer terms”, explained the economist.
In this sense, D’Attelis reiterated his criticism of what he considers to be a “manipulation that seeks to destabilize” that also includes opposition economists who “say that they will re-profile if they return to government.”
“They put together an explosive combo and then they generate doubts and these sales movements that have to be stopped, contained and try to order,” he said.
Also, D’Attelis emphasized about the “virtue” represented by indebtedness in pesos instead of dollars.
“In no place in the world where the level of debt in local currency that Argentina has is around 25% of the Gross Domestic Product becomes unsustainable debt. Nevertheless, they install this crazy idea of probabilities of a ‘default’ that is something that does not exist”, he asserted.
In addition, he pointed out that “the previous government not only destroyed the dollar debt market but also destroyed the peso market, by compulsively reshaping it from one day to the next.”
In that sense, he emphasized that it is “a very healthy debt at the local level that is going to be refinanced every time it expires, as it happens all over the world.”
However, he recalled that the BCRA can “intervene in the markets and mark prices to prevent the falls from continuing”, in addition to the “macroeconomic ordering tools that will be communicated in the coming hours.”
In this regard, he announced that after knowing the inflation data for May, and after the monetary meeting took place next Thursday, announcements will be made regarding the interest rate.
Although he avoided giving details, D’Attelis said that “it is clear that an adaptation of interest rates in this context of war is necessary.”
