Central Bank president Miguel Pesce.
Automakers will supply the portion of the dollars their own supply chain needs be able to continue working. Among the companies that make up the Association of Automotive Manufacturers (ADEFA) will distribute US $ 150 million that they will resign from the dollars these companies buy from the Central Bank (BCRA) to import vehicles.
These currencies, which are readily available, will continue funding imports of supplies and parts from their automobile parts companiesto avoid delays and stops in factories.
That is, in principle, the agreement where the companies have arrived with the monetary entity in charge Miguel Pesceafter a series of meetings that almost took place.
Amid tensions due to declining reserves and the need to comply with the Monetary Fund agreement, the BCRA restricted the exchange rate in activities that require dollars for their production cycle.
The BCRA decision resulted in Communication A7466, dated March 3, in which it established a new limit: companies asking for dollars to produce have free and immediate access to the same amount of foreign currency they requested throughout 2021, plus a 5% bonus. More than that quota, must wait six months.
That term will, surely, be what car terminals will now supply: Auto parts companies will exchange their immediately available dollars for BCRA certificates promising to sell the same dollars at the official price, but with a delay of 180 days.
The negotiations, moreover, resulted in the burial of a government promise made just two weeks ago: what the same president did Alberto Fernandez such as the Minister of Productive Development, Matías Kulfas, by ensuring that the dollars to be made are “guaranteed”.
In 2021, automotive terminals were created 434,000 light and commercial vehicles (Trucks are counted separately, but will not exceed another 30,000 units). The figure represents a noticeable improvement compared to the year of the pandemic, but it reflects an industry that continues to function. half machine. To get an idea, in the worst year of Cristina Kirchner’s last term in office, the production was 550,000 units.
Argentina’s automotive industry has an excessive trade balance only in the line of finished vehicleswhere balanced favor in 2021 is around $ 3 billionaccording to estimates by the Association of Automotive Dealers (ACARA).
But business accounts in blue be red when the trade balance of vehicle parts. The automotive sector as a whole is deficient, as national vehicles have a share of imported parts already between 40% and 80%according to the model.
In 2021, despite severe restrictions on vehicle imports, industry sources estimate that the trade deficit is in the vicinity. $ 1 billion. In the historical series, this is one of the records Belowbut the BCRA still tightened the tourniquet.
How will companies distribute that credit they should now give to their suppliers? As they assured one of the automakers with the largest participation in vehicle imports, the discussion was between the financial authority and per company.
“On average, the demand for dollars to import vehicles is about 200 million dollars per month for the entire sector. Each company gets its import authorizations based on what it exports, so there will definitely be discussion case to case”, They told another company.
One fact that goes unnoticed within companies is the total value of the discussion, less, for example, compared to the previous Kirchner administration, which in 2015 also ran out of dollars needed to supply the automotive industry.
But in that case, the companies (not only car companies, but also household goods) asked the BCRA to liquidate the dollars for the accumulated debts in the amount according to the BCRA was $ 5 billion and for companies it reached US $ 10,000 million. “Now we are with the factories one step away from being paralyzed by a discussion of 150 million”, Taught one of the businessmen.
Source: Clarin
