2023-07-20 23:03:10
The national government is preparing a series of measures to modify the exchange rate that does not mean a direct devaluationbut that allows to improve the income from exports and make a set of imports more expensive that stop the bleeding of dollars from the Central Bank.
According to official sources, in the next few hours it will be announced a new version of dollar agrowhich will reach to regional economies, corn, sorghum, sunflower and barley. Soybeans would be excepted from this new program.
The new value of the dollar it would be $350would be in force until August 31, and in the case of regional economies, the current scheme that establishes a price of $300 would be replaced. The intention is to obtain at least USD 2,000 million.
In additionthe PAIS tax would be applied to imports of services and luxury goodsexcepting those that integrate the food production process of the basic basket and those referring to energy investments that have enjoyed a special regime for a long time.
What remains to be determined is the situation in which other sectors that also have special agreements, such as the automotive industry, will be left.
Despite this principle of understanding, there is no confirmation of the trip yet of the Minister of Economy, Sergio Massa, to Washington for the final signature of the new program.
For its part, the IMF reiterated that it “continues to work constructively”, although without giving further details on the content of the deliberations.
“Our teams continue to work constructively, face-to-face, with the goal of reaching agreement on the fifth review of Argentina’s Fund-supported program. Discussions continue to be focused on policies to strengthen reserves and improve fiscal sustainability,” said a spokesperson for the agency when asked by this medium.
Negotiation with the IMF: a day full of rumors and operations in the city of Buenos Aires
Rumors regarding this package of measures spread early and blocked transactions, especially in the granary marketsince the operators decided to wait for a better exchange rate.
The uncertainty spread to the exchange market and Massa decided maintain operations on the “little trees” and “caves” downtown of the City of Buenos Aires in order to stop the escalation of the Dolar bluewhich closed unchanged at $525
This was confirmed by the Minister of Security, Hannibal Fernandezwho revealed that the deployment of Federal Police troops in the financial heart of Buenos Aires responds to a scenario proposed by the Palace of Finance and validated by the Economic Criminal Justice.
“To the extent that the Minister of Economy raises the issue with me, we will rush forward with everything we can”, affirmed the head of National security in journalistic statements.
Both Fernández and Massa know that these operations offer more of a media show than a concrete result, but the images aim to show action and install a “sense of risk” that limits the operation.
“If it can be arranged by means of a message and we cross paths anywhere to make the transaction, there is no control that is worth it,” said an informal market operator with infinite simplicity.
The government is obsessed with keeping the exchange rate under control before the elections and following what happened on Wednesday with a flash that took it to $527, before the opening of the markets this Thursday, Fernández issued the preventive warning regarding the continuity of the raids.
Much had to do with the early attitude of the Minister of Security, the rarefied climate that began to take shape from the early hours before rumors indicating that this Friday Massa would announce measures within the framework of the agreement with the IMF.
The “blue” had orders of up to $ 530 that were deflating with the passing of the hours to close without changes in relation to Wednesday.
Negotiation with the IMF: the Central Bank sold reserves once more this Thursday
For his part, the Central Bank sold reserves once more. They were U$S 28 million and 183 million in yuan, which make a consolidated of US$56 million. In the month, he ceded US$1.180 million and the level of reserves was below US$25.500 million.
While the MEP dollar advanced to $498.02, while Cash with Settlement climbed to $532.77. According to financial operators, this level is maintained due to the continuity of interventions through the Central Bank.
The official devaluation remained within the usual rhythm, 0.11% to settle at $281.66.
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