An advanced decision at the IMF that complements a battery of measures

A week ago, the IMF mission in Argentina led by the economist Roberto Cardarelli and the director of the department of the Western Hemisphere, Alejandro Werner which held meetings with Alberto Fernández from the opposition and two with the government to badyze the context and, as it was known in the last, measures of reperfilation were advanced.

This Sunday, before the release of the DNU, contacts were also made with Washington to develop a new battery of measures that the government is completing last week's measures and expects this to close the door. "Set of measures in this context of uncertainty and volatility".

Following the publication of the decree, the IMF issued a statement in which it explained that "its employees badyze the details of the measurements », which will remain in "close contact" with the government and that the international credit agency will be "alongside Argentina in these difficult times".

The measures taken this Sunday, which were suspended a week ago, were launched after the loss of almost 13 000 million US dollars in reserves in August alone, an acceleration of the withdrawal of deposits and a context of confrontation with the Opposition; they added more political uncertainty to the one that reigns since PASO, three weeks ago.

In the government, they recognize that it is difficult to reach consensus and that it is not common to see so much volatility between elections. "We have enough reserves, but we explain what we are going to do"they argued to justify the measures.

In short, the DNU empowers the Central Bank to implement measures to secure the dollar supply of businesses and savers. In addition to the US $ 10,000 limit for the purchase of dollars to natural persons, exporters must liquidate the currency resulting from their sales in the country and all companies, not just banks, will have to apply to the monetary entity the authorization of money abroad.

In the government media, they argue that the measures are aimed directly at limiting the possibility of speculating on the foreign exchange market and that companies do not buy to cherish. "These are limits to the dollarization of the portfolios of legal and human beings", abstract

It will be necessary to see what will happen this Monday on the market. According to officialism, they will argue that these measures will provide even more liquidity and thus allow for more robust interventions. For the moment, the dollar closed on Friday at $ 62.04 and a volume is expected under the proceeds of the holidays in the United States.