The clarification came after President Alberto Fernández admitted that he was analyzing what to do with the exchange rate, because the Central Bank’s reserves were in high demand.
Is that some 4 million savers made use in July of the possibility of buying foreign currency at official value plus the 30% surcharge, which consumed about US $ 800 million of the reserves.
Economics said that “there is no measure under study” to strengthen the hold on the dollar.
The team led by Martín Guzmán would have decided to wait until the end of August to define the way forward, because in the facts almost all the foreign currency purchases have already been made, since they usually take place in the first days of the month, they entrusted the NA agency foreign exchange market sources.
“There is no measure under study that goes in the direction of reducing or preventing the purchase of savings dollars,” said sources from the Palacio de Hacienda.
They explained that “those interested in such acquisitions may continue to do so for up to $ 200 a month.”
The President had complained that “people buy $ 200 per month and that generates a very large demand from small savers. Today these small savers are a problem.
They are not so important sums, but they are a problem, 200 plus 200 plus 200 … “.
The Deputy Chief of Staff, Cecilia Todesca, said that “the regulations are a condition of possibility to stabilize the macroeconomy and to be able to give value to production in terms of credits. To turn all the savings of Argentines towards the productive system.”
“I know that the stocks are seen as a punishment, but it is a condition of possibility for stability,” he said.
But from the Economy they said that “not only are they not thinking about restrictions, but they are waiting for the exchange front to stabilize.”
They trust that after the agreement for the debt in dollars under foreign law, there will be less pressure on the exchange front.
The evolution of the dollar
The consulting firms and financial entities that participated in the Market Expectations Survey (REM) of July cut their forecasts of devaluation of the wholesale exchange rate. According to the data released this Friday by the central bank (BCRA), the market expects the dollar end the year in the $86,4, when previously a value of $88 for the end of the year.
Without yet knowing the agreement for the restructuring of the debt under foreign law, which was confirmed on August 4, analysts estimated that the government will try to keep changes in this very sensitive variable for Argentines limited.
