Argentina is preparing its request to the IMF to use dollars against bullfighting

The government is preparing for the coming months an official request to the International Monetary Fund (IMF): begin negotiations with the agency to be able to use some of the money from the confirmation agreement to implement the policy monetary. Or, more directly, be able to use the agency's money spending to control the dollar. Especially from the end of May; when, suppose it, political fluctuations would cause turmoil on the foreign exchange market and that it would take more weapons to control a sector that is roughly discarded. The official idea, still at the design stage in Excel spreadsheets, is that the agency allows for direct action mechanisms (with funds from the agreement); but without abandoning the non-intervention zone applied by the BCRA since October 2018. For the ruling party, this mechanism is effective and offers medium-term predictability in the foreign exchange market. It is also estimated that starting in April, a further phase of consolidation will begin, with further adjustments of the minimum and maximum band, averaging 1.75% per month. In short, the public has become accustomed to the new regime; speculating that any substantial change can wait after the October elections. If Mauricio Macri is president, the future of the zone will be part of the new negotiations that should take place in November or December 2019 to strengthen the agreement for 2020. If another person is elected; the zone would be the mechanism allowing a smooth landing of Macrista's trading policy. In both cases, this strategy is considered the best possible for the far north of the current economic policy: control the dollar above all.