Miguel Pesce says there are importers who could stock up. Photographic archive.
The government needs the soy dollars strengthen reserves, a commitment it has made with the International Monetary Fund and which is increasingly costly to maintain. The farmers are sitting on the beans.
According to the president of the Central Bank, Miguel Pesce, there are delays with sales. “There is a liquidation of wheat and corn, but there is a $ 2,500 million delay in soybeans“, estimated, in the statements to the program Give and take, on AM750.
But from the government they would be working on an alternative encourage producers to get rid of the beans. “We are going to look for mechanisms that allow producers to find a path that is convenient for them to liquidate its holdings. They have to pay the costs of harvesting, planting, taxes, so that $ 2.5 billion will come, “the head of the central bank said.
Pesce also said it there have been delays in disbursements by multilateral organizationslike the IDB. “We were expecting $ 700 million and it hasn’t come, but it will happen. It is important for the balance of the exchange rates and this will improve the complex situation,” she said.
Inflation falling despite tariffs
On inflation, Pesce said it’s going down. “The movie is that we had 6.7% (in March), 6.1% (in April) and 5.1% (in May). Let’s hope it continues to slow down until they were prosecuted at normal levels before the 2018 and 2019 write-downs, when we were at 20% “.
“I don’t think the tariff adjustment will have an impact on CPI. Despite the rate hike, we expect a slowdown in the coming months, “he predicted.
The basic solution, for the official, is economic growth. “Inflation expresses the distributive offer between economic factors and this is something difficult to solve in our country. The solution to inflation is economic growth. The long-term goal is to have inflation values similar to the current ones in Europe, which have accelerated and are around 1% per month, “said Pesce.
“You have to grow constantly and, for that, you have to overcome external and energy constraints. There, in the long run, we will have good news because exports are growing strongly and there are sectors that will join, such as hydrocarbons and mining. “
“The external sector will not be an obstacle to growth; the energy restriction will be overcome by Vaca Muerta and other projects,” he said. But she recalled that “energy has become more expensive at a time of transition for us. It is growing by 200% year over year. This will be overcome with the pipeline. Meanwhile, you have to pay more for imports “.
Foreign trade managed
To pilot the outflow of dollars for imports, Pesce said it will be done an administration of trade and regulation of the payment and debt system of companies. “We need Argentina to recover the lost credit. We have lost $ 4 billion in trade receivables and recovered $ 1.8 billion,” she said.
“We are trying to overcome the bottleneck for energy imports by improving the payment system and business administration, for that there are no speculative maneuvers by those who count more than necessary or try to stock up on imported products, “he listed.
Will there be more measures? “We are constantly evaluating the situation,” Pesce said when asked. “It is not a trap nor does it try to limit imports for growth. We need to improve the financing of imports and avoid speculation. If necessary, appropriate measures will be taken “..
No problem with Cristina
As for the relationship with Cristina Kirchner, Pesce said there were no problems, unlike what had happened.
“I have been a government official of Cristina in her two terms. I was nominated by you as vice president of the Central. I have no problem with her. She is wary of making contact with officials so that the rumors do not escalate. Whenever you have any doubts, ask me“, She said.
NEITHER
Source: Clarin
