2023-08-02 01:00:00
The pre-candidate for president of Together for Change, Patricia Bullrichsaid this Monday that if she were elected to the highest executive position, she would enter with a television camera to show the reservations of the Central Bank. From their environment they maintained that it was a “staging”, but the statement did not go unnoticed because the former Minister of Security is one of the pre-candidates who encourage the elections.
There is a fragment written by Félix Luna in the book “Argentina from Perón to Lanusse. 1943-1973” where the author quotes an alleged phrase from the former Argentine military president and alludes to the fact that the corridors of the Central Bank were “overcrowded” with gold in 1946, which made it impossible to walk there. If what Luna writes regarding Perón is true, there is part of the truth in that argument: material reserves can only be in that metal.
This Monday night in an interview with Jonathan Viale in LN+, Bullrich once once more stated that the stocks should be removed from the dollar because “it eats up all the reserves.” And he elaborated: “Our economic team is going to present a model following we see how the agreement with the Fund is, what Massa leaves us. The first thing we are going to do is enter the Central Bank with a television camera, to show people which Central Bank they leave us, so they can see that the reserves are not there, that there are negative reserves.”.
The phrase of the former Minister of Security did not go unnoticed and even generated criticism such as those of Javier Miley, once a political “buddy”, who described his statements as “a bestiality”. Other comments, by way of mockery, made reference to the Spanish series The Money Heistwhere a plan is executed to rob the National Currency and Stamp Factory in an operation that lasts days until the thieves achieve their objective.
As PROFILE was able to find out with sources aware of this information, the only material reserves central banks have are gold. As for currencies (dollars and yuan), they are found in different institutions that can vary from the United States Federal Reserve, the Bank for International Settlements (BIS) or other institutions that are responsible for safeguarding that type of resources.
In a more academic definition, the text “Function and relevance of the reserves of the Central Bank of Argentina” financial, banking and business specialist Eduardo Barreira Delfino, explains that reserves are made up of gold and currencies that the country has to “guarantee payments for imported goods and debt service.”
Fiscal order and accumulation of reserves: 10 points of the agreement with the IMF
It also adds that the objective of having these reserves is to help monetary, financial and exchange stability by compensating for imbalances in the balance of payments, where foreign currency income and expenditure are combined. In addition, they are made up of term placements and special drawing rights (SDRs), which Barreiro Delfino defines as “a currency created by the International Monetary Fund (IMF) for countries to pay debts they have among themselves or with the Fund.” or receive credits from it.
The responses of the Bullrich sector to his statements
The candidate for deputy and leader close to Patricia Bullrich, damian arabia, spoke this morning regarding the arguments put forward by the PRO applicant. “Patricia is saying that we are going to have to explain to the Argentines the situation and the state that the Government leaves us,” she assured, expressing that the phrase was not well interpreted.
In dialogue with Lautaro Maislin in national rockasserted that “it is a stagingIt does not matter if it is a piece of paper that I have printed, a screen or ingots”.
PROFILE contacted Bullrich’s main economic adviser, Luciano Laspina, to know your opinion. Although he had no response at the end of this note, the deputy from Santa Fe expressed himself on Twitter: “It is curious how literally words are taken in this campaign. If you hear me say “we’re going to beat inflation,” you shouldn’t take me to mean lowering prices with tanks and bullets. Or “the dollar today went to the clouds”, that the wind took a green ticket, ”she ironized.
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