With December upon us, it’s time to take stock of what happened in 2025, and at the same time start thinking about the future. The third year of Javier Maili’s management.
In a scenario where the government celebrates the fiscal result, the focus of the discussion shifts to the ability to translate this macroeconomic system into Tangible progress For Argentinians.
When consulting on this matter, Martin Redrado A review was conducted of the outstanding issues and priorities that will determine the success or failure of the second phase of the economic plan.
Along these lines, the former head of the BCRA warned of the microeconomic situation and its direct impact on households, noting that the current inflationary slowdown coexists with… Social degradation inevitable.
“The real salary is not enough to cover their expenses “What we are seeing is that major union parities are increasing by 1% per month, while inflation is hovering near 2%.” The figure for November is expected to reach about 2.3% or 2.5%.
He noted that this nominal difference underscores a deeper truth: “Salaries are not growing and employment is not growing either.”.
For the former president of the BCRA, L “The big challenge ahead of us is job creation.”With a score Loss of 150 thousand jobs In construction, manufacturing and trade.
He added that this panorama has been completed with concerns about the demand side since then “There is not yet a vision of a transformation that allows the economy to grow again. On the contrary, there is an increase in credit and a delay in consumption.”.
After highlighting that “a lot has been accomplished” in the first phase of the amendment, Redrado urged “Entering into a second phase of the economic process, which must be on two levels.”.
“On the one hand we must strive to provide predictability in exchange, monetary and financial matters, and also pay attention to the production point of view, strive for greater competitiveness, and work on taxation, transportation and federal affairs, Return the money that was taken from them to the governorates over the years“, he pointed out.
In another part of the interview, when asked about his optimism for 2026, Redrado sounded cautious. “The future depends a lot on what we do, the train of opportunities comes and stops on a platform called Argentina, but there are still a number of issues to be addressed, the fight against informality, for example, “We cannot have a country where 50% of workers work in the informal sector.”He pointed out.
Given this problem, it is suggested Reducing business taxes: “A registered worker pays 18% in taxes if we want.”If we increase the real salary we can reduce it to 9%, for example. He stressed that the tax reform that the ruling party seeks to promote must be aimed at Integration of workers into formalizationIt is a direct way to inject dynamism into the labor market.
Regarding the external front and attracting capital, Redrado stressed the necessity of its presence “unified exchange rate”.
“Let’s not get into the discussion of bands; But if We have to get out of the MEP dollar, the CCL dollar, and the dollar blue. He added, “A single value for the dollar is necessary, and for that we must remove restrictions. Things must be normal in the exchange rate, and this is what any investor asks for.”
Finally, the former BCRA President also addressed monetary policy. Although he celebrated that credit was growing, Swipe the high level of lace Required of banks by the monetary authority.
“For every 100 pesos deposited in a bank, BCRA requires more than half to be frozen in reserve. In a normal financial system the ratio is 20%,” he concluded.
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