BCRA will assess in December if the trade band increases by less than 3%

The non-intervention zone was initially defined between 34 and 44 pesos per dollar, with a daily update at the rate of 3% per month. In December, the Monetary Policy Committee will determine the rate of update of this zone for the first quarter of next year. This update rate should be lower than the current one.

"The meeting of the G20 Presidents is taking place at a difficult time for our country, we are going through a recession and in recent months, we have experienced an acceleration of inflation and a sharp depreciation of our currency," he said. he declared at the opening of the speech. Businessmen of the Council of the Americas.

Sandleris evaluated the various stages that led to this year's exchange rate and inflationary crisis and examined: "Three factors led us to this situation: inherited economic imbalances, global and national shocks and our own mistakes."

"The main element of this scheme is a monetary growth commitment of zero per cent monetary base until June, with seasonal adjustment in December, which is strict, clear and easily verifiable and we hope that It will be effective in controlling inflation. Behind is also quite simple: there should not be too much weight in the economy ", contributed to BCRA's strategy.

Sandleris Council photo

dollars

"In the external sector, a trade surplus was recorded in September for the first time in 21 months and the result remained positive in October. During these two months, we also saw a significant decrease in the purchase of dollars by individuals and businesses. These have reached their lowest level since the rise of the exchange rate in December 2015 " and concluded "In short, the flow of dollars has been reversed."

Three factors led us to this situation: inherited economic imbalances, global and national shocks and our own mistakes.

Regarding future strategies, he explained: "We are fully aware of the risks our economy is facing, and we will increase the monetary base if conditions permit." In particular, December is a month of strong demand seasonality. our monetary base target is 6% higher, but in the same way that we have exceeded our monetary base objective in previous months, we will also do so in December if we perceive the rising demand for money. It's not the one we planned. "