Agustín D’Attellis, member of the board of the Central Bank (BCRA), stated this Friday that, according to studies carried out by the entity, the recent measures on foreign currency access for import payments “have no direct impact” on the inflation and economic activity.
“In the studies we carried out, we saw that both in inflation and in activity, the measures do not have a direct impact on any of these variables because it is only a change in the terms of access to the foreign exchange market to pay for imports,” D’Attellis asserted in dialogue with El Destape Radio, while denying that these are restrictions but rather a “change in the term of access to the foreign exchange market.”
The economist reiterated that the measure was taken due to the “impact on energy imports that has to do with the spike in international prices” and “a certain slowness in the liquidation of exports”, but also because in recent months a “growth in imports above what could justify the activity in some sectors”with “companies that were perhaps overstocking for a rather speculative purpose.”
“You have to make a very fine synchrony between the need to accumulate reserves and the needs of the economy to sustain the level of activity and growth”Agustin D’Attellis
“You have to make a very fine synchrony between the need to accumulate reserves and the needs of the economy to sustain the level of activity and growth,” said D’Attellis, and questioned the “referents of the opposition with magic recipes” that ” they wield things like convertibility and dollarization.”
In the same way, The director of the BCRA made reference to the provision through which the monetary entity prohibited banks and credit providers from financing, in installments, the purchase of products or services acquired abroad.
According to D’Attellis, “it did not make much sense to maintain financing lines in pesos and at a zero rate in a context where the accumulation of reserves is prioritized as an objective.”
The measure, published on Thursday night through Communication “A” 7535, established that as of next Monday, banks will not be able to finance these purchases in pesos, which includes products received “door to door” through ” couriers” and postal services; and it is added to a similar provision through which, in November of last year, the BCRA prohibited financing in interest-free installments with credit cards for tickets and tourism services abroad.
“These purchases have some restrictions set by Customs and AFIP in terms of weight and quota per month and per year. That does not change and everything remains the same”, clarified the director of the BCRAand suggested that such products can continue to be purchased in cash “or by taking personal credit.”
On the other hand, the official celebrated the accumulation of reserves in recent days by the BCRA, which allowed “reversing in a very positive way” the negative result that the bank had been holding.
The monetary entity added more than US$ 1,500 million in the last four days through the purchase of foreign currency in the foreign exchange market and indicated that, after them, it met its accumulation goal for the first half of the year.
The monetary entity added more than US$ 1,500 million in the last four days through the purchase of foreign currency in the foreign exchange market.
“Not only is the agreement (with the International Monetary Fund) complied with, but also the accumulation policy is one of the fundamental pillars of this macroeconomic reorganization that is being carried out since, if it is not achieved, there is a brake on the activity and you cannot continue slowing down inflation,” he said.
In the same way, he again highlighted the renewal of maturities by the Ministry of Economy last Tuesday through which, in a new auction of the debt in pesos, it obtained $248,078 million, a figure greater than the $243,701 million forecast.
“While they said it was going to be a failure, the amount was exceeded,” stressed the director of the Central Bank.
