With the blessing of the IMF, the government yesterday presented the conditions for a new phase of a fighting plan to curb the dollar and overturn the inflationary race. The mission is to avoid the new currency crisis in preparation for the next election. The Treasury will spend $ 960 million in the local market and the central bank will strengthen its currency strategy.
Secretary of the Treasury, Nicolás Dujovne, Confirming that some of the next IMF funds will be sold to cover the promise to the peso. It will be a way to meet unpredictable internal demand.
"This process is scheduled to begin in April. $ 960 million On a daily basis by $ 60 million And it will continue throughout the year through November, December, Described the owner of the economic portfolio.
He made this statement at a meeting with reporters in Washington. On Wednesday, he met with the director of the fund (Christine Lagarde).
"We will bid to sell at the current exchange rate with the dollar moving in a transparent way, I clarified the pastor.
One of these is to inject dollars into the market to stimulate sectors that can realize long-awaited export liquidation. According to national government plans, agriculture will contribute US $ 250 million (U $ S).
In parallel, Central Bank Governor, Guido Sandleris, Announced that it has stepped up measures taken by monetary authorities to reverse the surge in prices.
As soon as official inflation data was released in February, it announced new measures. 3.8% again exceeded all forecasts.
"Beyond these specific explanations, February inflation figures show that much remains to be done. Our plan already has an auto-hardening mechanism despite surprise in inflation, but the February figure requires additional central bank action do " Sandleris said in a later period, "3.8% monthly inflation is too high inflation.
As for specific measures, the central head to expand the goal of zero growth of ductile foundations until the end of the year; Excessive compliance based on money reached in February will be permanent. Seasonal adjustments scheduled for June will be eliminated. The limit of nonintervention exchange area will be determined to increase to 1.75% in the second quarter of this year.
Sandleris also announced that Executive Power will send a bill to the National Congress to amend the BCRA's Organic Charter. He stressed that major changes are to prove that the central bank's priority is "price stability" and "prohibition" of Treasury funding.
Dujovne and Sandleris in his ad They tried to disintegrate some of the suspicions that dominated the market and embodied it as a jump in the dollar. It is not a diplomatic mission to Macri's re-election as a small table at the central government has a direct bearing on the social humor that affects the price of North American currencies and the resulting price.
In other words, When the dollar rises and inflation accelerates, the president 's intentions are lost in the polls. At present, The announcement of a new phase of the anti-inflation fight was well received in the market.
dollar Yesterday he added a second session and in the wholesale market he again pierced the barrier. $ 41 From Washington, A new increase in interest rates at Leliq ending at 63.664% per annum.
Dujovne aimed at Lavagna.
Treasury Secretary Nicolas Dujovne accused Roberto Lavagna of contributing to the creation of some of Argentina's current economic problems..
In an interview with Argentine correspondents, "Some of the problems we are having come from management," Dujovne said.
"Remember that Argentina froze the charges for the entire management period of Roberto Lavagna. During its administration, the financial outcome worsened, rather than improving, because it consumed improvements that had initially achieved Jorge Remes Lenicov, and I I think it was caused by a very unsuccessful restructuring that had a very irregular 26% disapproval level, partly because of the problems we faced. We are creating a very unusual and interest account, and we had to pay us. Some of the problems we had to face were also from the executives " Dujovne unofficially commented on the presidential contest today, referring to former finance ministers of Eduardo Duhalde and Néstor Kirchner.
Also He asked Domingo Cavallo and Axel Kiciloff, economic ministers.