The owner of Aluar asked for more gap, predicted stocks “for a long time” and the Government went out to cross it

The owner of Aluar, Javier Madanes, predicted in an interview that the stocks exchange rate in Argentina will continue “for a long time” and? The fall in the exchange gap between the dollar and cash with liquid generates “discomfort.”

This generated reactions in the officialdom.

José Luis Espert, president of the Budget and Finance Commission of the Chamber of Deputies, wrote in his X account today: “Madanes (Aluar and Fate) says 2 stupid things here. That we have long stocks (when every day the BCRA eliminates a regulation) and that we are concerned about the disappearance of the exchange gap (something desirable). Poor thing, he bleeds from the wound that his protectionist job is ending.”

And Luis Caputo, Minister of Economy, responded to Madanes’ words with the ‘reddened face’ meme.

The businessman participated in a broadcast of La Fábrica Podcast. The owner of Aluar was with his peers from companies such as Rapanui, Sinteplast, Diarco, among others.

“Here you will have stocks, capital control or whatever you want to call it. Argentina cannot function without capital control. That is absolutely impossible for a long time. -said Madanes-, It will be slow, there will be small adjustments and today something was generated that was not foreseen a few months ago: a concern here about what we would call the exchange rate gap: it is uncomfortable to have a dollar counted with settlement so close to the official exchange rate. It could even happen that foreign currency is settled below the official one.”

The current gap between the CCL and the retail dollar is at 12%. In 2023 it exceeded 200% in the middle of the presidential elections.

The conversation began about the expansion of credit and the Central Bank’s restrictions on lending in dollars to companies that do not generate their own dollars.

This study of all the chambers that represent the metallurgical sector seeks to demonstrate a traumatic reality of the plant gate to the outside with taxes on the price at the factory gate without VAT that are more than double that in Brazil and Mexico.