Due to inflation, the rate rises by 6 points and the Central promises greater interventions on the foreign exchange market

After the release of the inflation rate at 8.4% for April, tomorrow the Government will formalize a package of measures aimed at containing the unbridled escalation of prices: the interest rate will rise by 6 points, which will 97% temporary. And the Central Bank promises more interventions”stabilize” in the foreign exchange market to avoid a greater outflow of pesos towards the different variants of the dollar.

The package of measures was defined yesterday in a large meeting that lasted all day of the economic team and in which the minister Sergio Massa joined the head of CustomsGuillermo Michel for implementation.

The meetings were attended by the other team members and the head of the Central Bank, Miguel Pesce. The measures will be formalized tomorrow in the Official Gazette.

The central bank has promised to increase intervention in the foreign exchange market and will manage the pace of peg crawling, ie daily devaluation against the official dollar, as required by the IMF.

The intention is also to improve the critical level of reserves by accelerating the agreements with the International Monetary Fund, the swap with China and the guarantees via BRICS with Brazil.

At the same time, measures have been defined to support the level of consumption: mainly they will decrease 9% rate now 12, as well as credit card interest settlement rates.

Here are the main measures:

• They adjust the rate of the Central Bank a 97% temporary.

• The BCRA increases intervention in the foreign exchange market and will manage the pace of daily devaluation of the official, as required by the IMF.

• They accelerate agreements with the International Monetary Fund to advance at least part of the funds.
• Minister Sergio Massa travels to China on the 29th of this month to negotiate another currency exchange to strengthen reserves.
• Requests a guarantee from the BRICS bank for Brazil to finance the purchases of Argentina.
• In parallel, measures have been defined to support the “level of consumption”. AS The rate of installment plans such as Ahora 12 and credit card interest balances are reduced by 9%.

• There will be a increased reimbursements to vulnerable sectors for debit card purchases
• And a new AFIP current debt payment plan in up to 84 installments.

• “Relieves for the moratorium” of fees with a Badlar rate. In the case of small businesses, there is $456,063 million of debt overdue. They seek to benefit 656,121 taxpayers,

• The approval of Sira, the mechanism for the import of capital goods, is accelerated to 360 days.

• They created a business operations analysis unit. It is made up of the Secretary of Commerce, the Central Bank, the AFIP, the Customs, the FIU, the Superintendency of Insurance and the National Securities Commission. The idea is greater control of operations, “avoiding dominant positions”, price traceability and consumer orientation.

• An sort of *price maker* and fiscal situation in the Central Market. In this case they will allow the import of products from a tariff-free basket to avoid “abuse” in the prices of fresh produce and encourage with the suspension of payment for 90 days of the fee to street vendors a lowering of prices.

• It will be elimination of tariffs and generation of dumping and protection rules to improve competitiveness.