Pesce ruled out a hyperinflation scenario
This was stated on Friday by Miguel Ángel Pesce, president of the central bank “The conditions are not given for a hyperinflationary process” and refused that there is a delay in the exchange.
Interviewed by the program The bagelthat is emitted by the signal TNthe head of the monetary authority was blunt and said: “I am not afraid of hyperinflation because the conditions for that process are not given.”
In this sense, he related the financial situation to the exchange rate that Argentina has today, which he described as “competitive”.
“We have a competitive exchange rate and there is no reason for the exchange rate to accompany parallel exchange rateswe have a very important level of export ”, he added.
Pesce explained that one of the greatest difficulties facing the country’s economy is the energy constraint and that, once overcome, the accumulation of reserves will have a different trend from the current one.
“We come from an unexpected crisis which was the pandemic, from a second round of crisis which is the war in Ukraine and we are addressing the problems that Argentina has already brought, which have come with inflation rates of the order of 50% and loss of employment “, contextualized.
The war conflict has caused fuel prices to rise, the official recalled, for which the government is forced to import nearly $ 2 billion in energy.
Within this panorama, he expressed that in the multilateral real exchange rate “there is no delay” and that the country is “at the levels of March 2016. I have no complaints from any export industry stating that there is a delay in the exchange“.
“This change works for the real economy, but not for speculation, but this is another problem,” concluded the head of the Central Bank.
Furthermore, it rejected the need for an adjustment or a relative change in the price. “We have to manage the situation until we can solve the energy problem”, which, according to forecasts, will start in August or September when energy imports are reduced and, subsequently, with the exploitation of Vaca Muerta.
Another way he has proposed is that of “transforming savings into investment” to “avoid problems in the balance of payments”. “It’s a problem of mistrust”He admitted.
Finally, on the subject, he again downplayed the blue dollar, of which he described that it “moves around 1, 2 or 3 million a day”. For his part, he continued, “liquidated cash moves 60 million a day and the official market one thousand million a day. We have speculative maneuvers and we must not obey the impulse of those changes, ”he condemned.
The resignation of Martín Guzmán and the arrival of Silvina Batakis
Miguel Ángel Pesce also referred to the departure of former Economy Minister Martín Guzmán last weekend and the hiring of his replacement with Silvina Batakis.
Regarding the resignation, he said it was “unexpected”, since he worked with him “until midnight on Friday”, the day before he published the post on Twitter announcing his decision, while the vice president spoke to Ensenada .
“I don’t know how to describe the resignations, but it was unexpected. He is a man with academic scrolls but had no experience in public management”, He recalled describing it.
On the contrary, speaking of Silvina Batakis, the new head of the economic portfolio, he recalled that she has experience, since she held the position in the province of Buenos Aires during the administration of Daniel Scioli “and did it in complex situations” .
“You’ll do a great job”he predicted, at the same time he predicted that he, with Batakis, will fare “better than with Guzmán”.
“Batakis has to show his managerial skills and he will do it. I think I’ll be better off with her than with Guzmán”He said without giving further details. Eventually, you confessed that you support the designation of the current official as successor to the outgoing minister.
DB
Source: Clarin
