02/10/2020 - 22:30
- Clarín.com
- Economy
The Central Bank published on Monday the Monetary Policy Report (IPOM) that left different definitions, among them that the stocks implemented in September 2019 will remain , that the Central will not define its monetary policy until the Government presents the Budget and they expect a slowdown in inflation for this year.
" While the shortage of currencies in relation to the need for an expanding economy persists, the exchange regulations implemented as of September 1 last year will be maintained," says the text on page 75. It refers to the $ 200 cap Monthly (the super stocks) currently in force, but which had started in September 2019 with the cap of 10,000 dollars per month.
The report adds that the Central Bank will implement a managed floating exchange rate scheme "in order to accumulate international reserves to recover degrees of freedom in the management of economic policy and ensure financial stability ." In other words, they seek to accumulate dollars for the payment of debt at a crucial moment of negotiation with the IMF.
The Central Bank also announced that it will not define its monetary policy until the Government presents the 2020 National Budget, although it ratified that it will "exceptionally" assist the National Treasury both in payments of foreign debt and in local currency financing.
In that line, he said that the Argentine economy faces "a critical macroeconomic picture" product of restrictions of various kinds, which were exacerbated by "diagnostic and policy errors" of the previous government that had "a biased economic vision and an overly conceived concept" bidder "" .
On the other hand, the body in charge of Miguel Pesce insisted that it will maintain an interest rate that "will prevent it from falling into real negative levels" although "compatible with the financing of production and the construction of a yield curve in the longer term."
Regarding inflation, they indicated that " their deceleration is expected towards levels markedly lower than 2019 due to the concurrence of monetary, exchange and fiscal policy, price agreements and the coordination of short and long term strategies."
