With the aim of dusting off the dollars “under the mattress” in Argentina, businessmen in the commercial sector are seeking to strengthen the economy “Historic Compensation Plan for Argentina’s Savings”This was announced by Economy Minister Luis Caputo last May.
This measure, which was rejected due to the electoral context, once again reactivates a wide range of… Speculation about the impact of undeclared savings on the economyin a difficult context for consumption.
According to the data provided by INDEC regarding international investment status, these are figuratively called “Dollars under the bed” Represent 52.7% Of the total foreign assets of Argentine residents.
It’s about to 250,000 million US dollars “People who have been excluded from the local financial system and the formal economy,” he stressed. Argentine Chamber of Commerce and Services (CAC) added “lack of rationality” in the financial system.
At this point he indicated hesitation Accept damaged, stained or old dollarsWhich “conspires against necessary formalization.”
The text highlights that, according to US Federal Reserve data, Argentina is the third country, after Russia and China, in holding physical dollars and first in terms of “per capita,” which “indicates Informality are indicated and allow us to clearly visualize the positive impact that their solution might have.
For this reason, the entity that directs Mario Greenman It is part of the Group of Six, and reaffirmed its support for Historical compensation plan for Argentina’s savings And asked him “Urgent” implementation.
The institution confirms that the volume of foreign currency outside the system is a means to “Stimulating consumption and investment.”
“This will allow us to reverse a series of social and economic situations that remain unresolved because current resources remain idle,” the CAC said.
At the same time, he highlighted the laundering of savings as a means of promoting… State income “Allowing the maintenance of fiscal balance and relieving the burden on private activity that clearly registers excessive levels.”
Based on “the economic policies of the past that in many cases lead to… Business growth “It is practically impossible” for the country to find itself in situations Extreme povertyLow business intensity, loss of productivity, and serious cash and exchange problems.
According to the business entity, the delicate situation can be overcome “much faster” with the scheme required to be installed.
At the door
The initiative presented by the government must be discussed in the MPs Bosa Simplify tax compliance and reduce bureaucratic burden For citizens and companies alike.
This is a new system that would allow Argentines to freely dispose of their savings without having to prove where they got them from all the time.
According to the national executive, the plan includes two phases. The first includes everything that the executive authority can do and is within its reach Modernization of the Argentine financial systemwithin the framework of current law.
This is done through a package of coordinated measures between the Ministry of Economy, the Central Bank of the Argentine Republic (BCRA) and the Customs Collection and Control Agency (ARCA)..
The second part consists of a draft law Protecting Argentine savers from incoming administrations.
Regarding the “rejection” that may be issued by some international organizations, such as: Financial Action Task Force (FATF), the CAC shares the concern, but hopes to counteract the goals Money laundering and Financing terrorism.
He added, “The primary goal of the initiative is not to create spaces of ambiguity, but rather to provide a concrete response to the described situation, which has affected the national economy as a result of a lack of confidence in the local financial economic system.”
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