Everything goes through the hands of the IMF, who plays for the program to work

Yesterday, it was obvious that the Argentine government can not touch the matrix of its monetary and exchange rate without the approval of the IMF. But simultaneously, it has been shown that the highest authorities of the body are willing to provide all the support necessary for the program engaged with the team of Mauricio Macri remains afloat.

Nicolás Dujovne went to Washington to suggest, once again, that the rules with which the Fund regulates the exchange rate in 99% of the countries under its control do not have the same effect in Argentina. The obsession of the body is to avoid a permanent intervention (a factor that characterized the brief management of Luis Caputo in the central region), and thus allowed a waterline wide enough for the government not to be tried to sell currencies to contain its price. .

However, the volatility of the peso justified (in light of what happened in 2018) some flexibility. The minister had to abide by a rule (daily auction for a fixed amount), but in exchange, he could announce the sale of 9600 million US dollars from April, before the council of IMF administration approves latest revision.

What persuaded Christine Lagarde and David Lipton to advance this support is the new monetary betrayal of the BCRA, announced in the afternoon, which is accompanied by a reform of the Charter that blocks the funding of expenditure per issue.

All of this movement is aimed at containing dollar volatility and inflation. This does not affect the rates, the price of food, or the electoral fluctuations. Only install the expectations of greater control at least until April.