They launch measures to recover dollars and there are doubts from entrepreneurs

Mary Church

10/01/2020 - 22:46

• Clarín.com

• Economy

The Government announced a comprehensive package of measures that include a

,

stimulus plans

, incentives for the

of houses and also changes in the

.

With this plan, the Government seeks to

, after the Central Bank continues to lose dollars despite the

and the

adopted recently.

In this scheme, it also announces a

, which will issue securities tied to the dollar and also anticipates that it will abandon the strategy in the official dollar, of mini daily devaluations, so there would be greater

.

The main aspects of this package, which Clarín had anticipated, were confirmed by Minister

yesterday, in a conference he gave from the Hall of Women in Casa Rosada.

Surrounded by the Minister of Productive Development, Matías Kulfas;

that of Agriculture, Luis Basterra;

the Deputy Chief of Cabinet, Cecilia Todesca;

and the head of the AFIP, Mercedes Marcó del Pont, Guzmán revealed the plan that had been exchanged in a closed meeting minutes before with a dozen businessmen, a meeting of which Santiago Cafiero was also a part.

From the business sector were the head of the UIA, Miguel Acevedo;

Gustavo Idígoras, from CIARA;

Dardo Chiesa, coordinator of the Cattle and Meat Table;

Alberto Carlocchia and Eugenia Sampalione, from the Mining Chamber;

Iván Szczech, president of the Construction Chamber;

and José Martins of the Agroindustrial Council, among others.

After the strengthening of the exchange rate hold two weeks ago, and even with the gap widening, the Government is moving forward with the attempt to get dollars to enter international reserves or, at least, stop the exit, as Guzmán argued at the beginning of the exhibition.

Although he avoided responding with numbers to

question of

how much he expects dollars to come in, the Government knows that about US $ 7.2 billion of the 2019 soy harvest remains to be settled.

That is why they

, with a differential between beans and derivatives.

It is through this route that the main income of dollars to Argentina can occur.

Even so, the differential between the "soy dollar" of around $ 50 (once the withholdings are discounted at the official exchange rate) and the cash with settlement, at $ 146, remains high, but is reduced by a three month period.

During October there is a more abrupt initial drop in the aliquots, which remain during this month at 30% for beans and between 27% and 28% for derivatives, which is compressed until reaching the original percentages in January.

In addition, progress is being made with the compensation scheme for small producers, a measure that was included in the Solidarity Law but has not yet been put into practice.

For the

sector

, the scheme of export duties and reimbursements is changed, with a reduction in withholdings on the sale of final goods abroad to 0% and of inputs, to 3%.

For the

sector

, the measure that was also included in the Social Solidarity Law is regulated: a cap of 8% is set for metal withholdings.

For

, two aspects are covered, which will be put into practice through laws that will be sent to Congress.

On the one hand, tax benefits that seek to stimulate investment in the sector and, on the other, it seeks to advance with mortgage loans through the creation of a trust fund, although no details were given of how these loans would be.

On the monetary and exchange level, the Central Bank, which held its board of directors meeting this Thursday and defined, among other measures, two main ones.

In the first place, that it abandons "the uniform devaluation mechanism, granting greater volatility and maintaining the competitive level of the multilateral real exchange rate," it was reported, which is why the official dollar is expected to move at a rate that is no longer so stable. as usual.

He also announced the

passive repos, which are placements, with a one-day term that financial entities make in the Central Bank.

The increase is 5 points: from the current 19% to 24%.

These two measures seek to have more placements in pesos, but seeking to discourage the financial bicycle mechanism: by announcing that the pace of mini-daily devaluations will not be followed as before, the dollar could hit jumps that would imply losses for those who seek profitability in pesos with the ultimate intention of ending in dollars.

Asked about the measures, businessmen and economists expressed their doubts about the impact and duration of the benefit of the incentives and the new Central Bank policy.

Look also

The Central Bank modifies the exchange strategy and raises the dollar a little more

High-ranking officials, deputies and senators will not be able to buy savings dollars