BCRA director Agustín D’Attellis acknowledged that the public uses the blue dollar as a reference.
In the midst of the exchange rate rush and with the blue dollar reaching $ 318, the director of the Central Bank Agostino D’Atellis recognized that the value of that currency “the public take as a reference with which he plays on expectations, has transfer to pricesIt hurts financially. “
When the dollar was at $ 311, D’Attellis, who joined the monetary entity last May, gave an interview and said, “The blue dollar is illegal. it is absolutely out of our reach, it is not something we can operate on, it is not the foreign exchange market where we intervene by buying, selling, trading. It is an illegal market it moves through dark channels and is beyond any control “.
“The volume is very small, there is no reference. What is true and cannot be ignored, is that it is a market in which, given the restrictions that exist to access the formal market, the public takes as a reference by which plays you on expectationsit has a transfer on prices, it hurts economically. It’s not like it’s something that since it’s illegal it doesn’t matter“said D’Atellis.
“It has an impact. does damage Here because it is important to keep it under control along with the rest of the variables “, he acknowledged in the dialogue with Radio Nacional.
However, he clarified: “But how beyond direct control, it is very worrying. There is a context of uncertainty, fueled in particular by some sectors that have very specific political and economic interests, which are pressing to try to devalue the official exchange rate “.
“We understand that on the other side, the general public that looks at this variable and doesn’t have a lot of details about what’s going on behind it, what’s the volume, gets scaredworries looking at this the transfer to prices starting to see what happens and it’s perfectly understandable, “added the economist.
In turn D’Attellis referred to the exchange rate gap: “They are constantly trying to take steps to try and order the situation so that the exchange gap returns to more normal levels. When you have so many official controls and regulations. dollar and you have such a strong dollar restriction, a consequence of our problems coming from the previous administration, coupled with the international context, that the gap exists.
“When it is amplified that much, it generates a lot of noise and distorts a lot of other variables. In this context, it is very important that policy measures provide it with a lot of political support. The economy is driven by expectations and that economic agents see it as credible. measure requires that support, otherwise doubts begin “, remarked the director of the central bank.
The economist instead referred to the announcement made in recent hours by the government that it will take measures to stimulate the entry of dollars: “From the exchange rate gap, the dollars of tourists entering the country do so through informal channels because the difference it is very attractive, which means that the tourist account balance of the last month was negative over 500 million dollars “.
Just two weeks ago, the Minister of Economy, Silvina Batakis, referred to the blue dollar in a different tone: “It is a very marginal exchange, but unfortunately it is in the collective consciousness of all of us”.
“At a certain point it was the country risk, the blue dollar. In some moments it installed itself in the media, we begin to incorporate these variables and it is a very marginal market in Argentina. path of equilibrium. I feel comfortable with that official exchange rate “, revealed Batakis in the program” A dos vozs “of TN.
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Source: Clarin
