The Limited Times

Now you can see non-English news...

For the head of the Securities Commission, the current moment is "dramatic" and there is a "double command of the economy"

2023-03-28T15:43:03.235Z


Sebastián Negri gave a harsh diagnosis before the Finance Executives. In the midst of strong uncertainty about the short and medium term of the Argentine economy, with the impact of the drought on activity, the outflow of reserves, the latest decision on the public debt swap, and inflationary and exchange rate pressure, men businessmen gathered this Tuesday in Puerto Madero to attend the 15th symposium organized by the IAEF, the Argentine Institute of Finance Execut


In the midst of strong uncertainty about the short and medium term of the Argentine economy, with

the impact of the drought on activity, the outflow of reserves, the latest decision on the public debt swap, and inflationary and exchange rate pressure,

men businessmen gathered this Tuesday in Puerto Madero to attend the 15th symposium organized by the IAEF, the Argentine Institute of Finance Executives.

All these themes were present in the talks in the corridors and in the presentations of the invited panelists.

In the opening

, Sebastián Negri, head of the National Securities Commission

 (CNV), stated that, in view of the effects of the post-pandemic, the war in Europe and even the remnants of the 2001 crisis,

the diagnosis for Argentina is "dramatic".

"We are facing

one of the worst droughts in history,

with all the impact that this has not only on our

fragile currency balance

, but on our value chain, on our aggregate economic activity," the official began by describing, recalling: "We had a negotiation of the private debt in dollars, a fallen stand by with the IMF, which somehow forces us to have

a double economic command

for at least a decade with the Fund, which audits us daily."

Negri highlighted that this occurs in a correlate of

"zero foreign currency income"

: "The money has already entered, what you have to do now is pay. There

is even a net outflow of foreign currency

having this double economic command for a decade, no matter the Whatever government it is," he warned and pointed against Congress: "We have a Congress that in practice shows the inability to pass laws that are necessary to get out of this situation," he said.

Additionally, the main regulator of the local capital market warned that the current economic model has "remnants of 2001": "We have low exports, with withholdings. We have few reserves, a phenomenon that encourages the gap, which complicates all economic activity in general," he said.

Despite this "very pessimistic and even dramatic" diagnosis, Negri stated: "The truth is that last year the country grew. Unemployment even dropped a few tenths and we reached peaks in industrial production and installed capacity. And in the middle of all this, the capital market works".

NE

look too

Jorge Capitanich, on the "serious" currency problem: "It is necessary to go to a multi-monetary regime"

Controversial exchange of ANSeS bonds: Can it affect the payment of retirements?

Source: clarin

All business articles on 2023-03-28

Trends 24h

Latest

© Communities 2019 - Privacy

The information on this site is from external sources that are not under our control.
The inclusion of any links does not necessarily imply a recommendation or endorse the views expressed within them.