Miguel Pesce, on the measures of the Central Bank: “They are not restrictions on imports, we ask that they obtain financing”

Miguel Ángel Pesce, head of the Central Bank, he defended the measures announced on Monday morning to stop the bleeding of dollars, he denied that these are “import restrictions” and believed that the country is going through “a complex moment” due to the increase in energy spending.

“The Central Bank’s decision is to avoid attacking this problem by reducing demand or a jump in devaluation, that’s why the financing of imports has increased, “he explained.

“We are in a complex moment. Imports in June could be around 8,000 million dollars, of which 2,000 is energy, “said Pesce, who indicated that imports of this item they increased by 207% in the first five months of the year.

“This can help us overcome this difficulty that leads us to import energy, especially in the winter months. In January the expenditure was 400 million dollars, now it is 2,000. We hope that falls after the winter and we can deal with the foreign exchange balance and accumulate reserves, “he said.

In this sense, Pesce stated that they will reverse the measure “when the consumption of imported energy decreases”.

The pre-financing of exports

Pesce explained the measures that were published this morning through communication A7532, which the conditions under which companies can access the official dollar are changing to carry out foreign trade operations. Minister Martín Guzmán had announced it, a surprising detail.

“We are expanding the list of locally produced goods and luxury goods that need to be funded in full to 180 or 365 days. We made this decision today. With this funding, we hope to reduce the impact of imports in the coming months, “he said.

At the same time, he said the measure it will not affect SMEs importing up to one million dollars or have a 15% increase in imports, which can continue to be paid for in cash.

“We expect this to have an impact on the order of $ 1,000 million. This would allow us to improve the exchange balance and increase the possibility of accumulating reserves “, emphasized Pesce and remarked:” They are not import restrictions, we ask you to obtain financing “.

The economist also explained that the delicate situation of the Central reserves it is due to a delay in the payment of international credits and the lower liquidation of the soybean complex.

“There is a delay in the entry of funding from multilateral organizations, this delay is basically with the IDB. The other point is that in the first five months of the year we had a lower clearance of the soybean complex, which is $ 2.2 billion. Central has taken steps to encourage liquidation, let’s hope those missing dollars come in, “she said.

In this sense, he denied that the trade balance of the month closed in negative and calculated the savings that could mean for the country.

If from these 8,000 million monthly imports we subtract the 2,000 which are energy, there are 6,000 million left, 72,000 million a year and with an export level that will exceed 80,000 million and close to 90. The balance would have no difficulty. the key is thereFish speculated.