After the announcement of the Government of the End of the CEPO, a megaprem For the country on the part of the Monetary Fund and the debut since Monday of a Flotation band for the dollar the main cameras that bring together the private sector went out to support the government and support the agreement with the IMF.
For the Argentine Business Association (AEA)“The signing of the agreement with the IMF is a made very transcendent, since It will contribute to generate the conditions to boost economic activity, increase predictability and promote productive investments. ”
“Clearly goes on the path of the LIberization of the stocks and promoting an exchange rate that makes competitive In the exchange bands with a ceiling 1400 pesos and can clearly indicate an orientation to Argentina recovering the necessary export competitiveness and thus generate new opportunities in foreign trade, “said Gustavo Idígoras, president of the Chamber of the Oil Industry of the Argentine Republic (Ciara) and the Center for Cereal Exporters (CEC)
The head of the Argentine Rural Society (Mrs.), Nicolás Pino, said that the end of the stocks opens a New horizon for the agricultural sector. “This is a claim that we had been carrying out for many years and its implementation, as of Monday, it will bring more investments and greater economic stability,” he said.
“The Institute for Business Development of Argentina (IDEA) Express your support for economic measures. We believe that the release of the exchange rate and the new agreement reached with the International Monetary Fund (IMF), destined to strengthen the heritage of the Central Bank, will have positive effects on investment and access to financing “they indicated from the entity.
Also the Argentine Chamber of Commerce and Services (CAC) supported the agreement with the IMF, “as well as Celebrate the suppression of exchange restrictions and the implementation of a flotation scheme between bands. ”
To Adeba, The association that brings together national private banks, the agreement “will allow to correct an abnormality with which the BCRA has operated too much time: negative net international reserves.”
The Banks Association of Argentina (ABA)which brings together international banks, said that the Pact with the Fund is “an important guarantee that will accelerate the process of reorganization of the economy and generation of conditions to achieve sustained growth.”
In addition, he said that the lifting of exchange restrictions “mean a strong step to the normalization of international economy and trade.”
For its part, the G6 (which brings together the UIA, the CAC, the rural, the Chamber of Construction, Adeba and the Stock Exchange) added that “the extension of the deadlines of the liabilities with the IMF contributes to strengthening the horizon of maturities of the public debt allowing to consolidate the international reserves of the Central Bank.”
“The challenge ahead is that both nation, provinces and municipalities work in a coordinated manner for bring consolidated public spending to sustainable levelsfinanced with a less distortive tax structure, that promotes investment and job creation. ”
End of the stocks and agreement with the background, the key ads
In a key turn of its economic program, the Government announced on Friday the end of the exchange rate, a new scheme of flotation bands for the dollar and an expanded agreement with the International Monetary Fund (IMF) that includes an immediate disbursement greater than the expected one.
The novelty was communicated through a statement from the Central Bank and then detailed by the Minister of Economy, Luis Caputo, at a press conference. “From Monday begins phase 3 of the economic program,” said the official, explaining the new direction that the macroeconomic scheme will take.
The most shocking announcement was the departure of the stocks: from Monday all the restrictions that weigh on access to the official dollar to people will be eliminated. This includes the end of the monthly quota of US $ 200 for natural persons, the disappearance of restrictions linked to subsidies, public employment or aid received during the pandemic, and the elimination of the Blend dollar.
The new exchange regime will abandon the crawling peg of the 1% monthly that was governed since February, and will go to a system of mobile flotation bands. Thus, the dollar, which closed this Friday at $ 1,074, can range between a $ 1,000 floor and a $ 1,400 ceiling, margins that will be adjusted 1% per month.
“International experience shows that well -managed exchange bands help stabilize expectations,” said the Central Bank in its statement. Within that corridor, the exchange rate will float freely, although the BCRA may intervene in the face of “unusual volatility.” When you buy dollars, you will not sterilize the weights you issue.
Another of the news was the confirmation of an agreement with the IMF for US $ 20,000 million under the extended facilities scheme, which will include an initial turn of US $ 15,000 million of free availability throughout 2025. It is more: on Tuesday they will arrive, according to Caputo, the first US $ 12,000 million.
The disbursement exceeds US $ 8,000 million that were initially handled and represents a key currency injection for BCRA reserves. The new agreement includes quarterly goals of accumulation of reserves and control of the monetary base.
In line with this new direction, the BCRA ratified that it will maintain the “zero financing” rule to the treasure, without issuance to cover expenses or to remunerate liabilities. In addition, the flexibility of foreign trade payments and the authorization to distribute profits to foreign shareholders were announced, based on the exercises that begin in 2025. —