In conversation with Channel E, Eugenia MuzioThe journalist specializing in economics reviewed the main themes of the speech of the Minister of Economy, Luis Caputo, during the annual conference of the FIEL Foundation, where he renewed his defense of the exchange band system and his plans to strengthen the central bank.
Caputo reaffirms the exchange difference and contradicts the previous ministers
Eugenia Muzio He explained that “The Minister of Economy gave a strong defense of the swap bands systemThis ensures that no changes will occur as long as the dollar remains stable within the expected margins.
According to the journalist. Kabuto highlight that “The exchange bands have a calibrated ceiling and floor, which is currently the best exchange rate regime in the Argentine economy.“He explained that”The exchange lines will not move today, because the dollar is stable“.
Muzio He highlighted the contrast between this position and that of other former ministers present at the meeting, such as Domingo Cavallo, Ricardo López Murphy, and Nicolas Dujovny, who “They insisted on liberalizing the exchange rate and that the government allow the dollar to float freely“.
The journalist interpreted Caputo’s message as seeking to convey stability and predictability to an audience of investors, economists, and entrepreneurs, who “They left completely satisfied“After listening to the Minister.
Reserves, swaps and central bank consolidation strategy
One of the most important points in the speech, according to Muziowas Caputo’s clarification regarding reservations. “He said that the accumulation of reserves is essential for the economic program, but it will be a function of strengthening the central bank’s balance“, precise.
The minister ruled out that this was an attempt to pay maturity dates or achieve goals with the International Monetary Fund, and stressed that the goal was to strengthen the financial position of the Central Bank.
next to, Muzio highlight that “Caputo talked about the financial tools available to confront debt, such as swaps with the United States and China“. In particular, “He stressed that the swap with China is still valid and can be used to pay financial obligationsWhich dispels doubts about the possibility of canceling the Asian agreement.
He also pointed out the possibility ofWe have about $20,000 million in bank loans with entities like Morgan Stanley“, which expands the government’s room for maneuver in financial matters.
Inflation and economic trend
Asked if Caputo talked about inflation, Muzio He explained that “He repeated what he said in previous interviews: inflation next year will converge with global inflation“.
The minister stressed that the goal will be achieved by maintaining financial and monetary discipline. “He said that inflation was moving between 1.5% and 2.5% per month, and that they would continue financial and monetary efforts to converge with global inflation.“The journalist added.
But the official avoided referring to October’s inflation data, which will be known after hours, and focused his message on the medium term and confidence in his economic program.
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