Dollar brake: Dujovne announced that the government would sell daily auctions in the amount of $ 9,600 million

WASHINGTON.- Beginning in April, the government will sell $ 60 million worth of daily offers, up to US $ 60 million, from the foreign exchange reserve accumulated in the US. the agreement with the International Monetary Fund (

MFIs

) and the loans, anticipated the Minister of Finance,

Nicolás Dujovne

, in an interview with correspondents in Washington.

"Macroeconomic stability is guaranteed," said Dujovne at the end of his first tour of the year in the United States.

Dujovne said that Argentina today had strong liquidity thanks to the good results obtained by the government in terms of debt renewal and the dollars brought by the agreement with the IMF. for an amount of nearly 57,000 million US dollars. this year, just over 21,000 million US dollars.

The Treasury official said the purpose of the daily auctions "is not to do the exchange rate policy," but acknowledged that this Treasury offer would have an influence on the dollar price. The sales program will be included in the next
the staff
report the bottom.

"We are going to bid where the dollars are going to be sold at the current exchange rate, in a transparent bidding process, the goal is to make us pesos, not to do the politics. exchange rate, "Dujovne said.

– Where do these dollars come from?

-From different sources, we have a very good level of renewal of our Letes program [Letras del Tesoro] in dollars and we have the fund's dollars. But it also happens that many auctions of badets in pesos made by the Treasury are part of the subscription in foreign currency. Even when we issue pesos, we receive dollars.

– Will they be able to use the Fund's dollars as they were the Central Bank?

-We do a different type of operation than the central bank. We will make bids where the dollars will be sold at the current exchange rate, in a transparent call for tenders. The goal is to make us pesos, not to make exchange rate policy.

-Can you use the IMF's dollars to mark an exchange rate?

-We will sell dollars at the current exchange rate in the daily offers, which I say in the offers at the resulting exchange rate. So, obviously, when there is an exchange transaction, there is an influence on the foreign exchange market. But the purpose of the operation is not to change the exchange rate, but to convert the dollars into pesos.

-But with that the tensions go down …

-New … We have to convert dollars into pesos because we have a surplus of dollars and we have a financial program in pesos that has to be financed. Of course, when there is a supply of foreign exchange, it influences the foreign exchange market. But this is not the goal of the operation.

– Is the stability of the dollar guaranteed?

-We guarantee the macroeconomic stability of Argentina. We have a very, very strong system in the fiscal area, with a tax adjustment of almost three percentage points of GDP this year, converging towards the primary balance, which we have not had in ten years. We recover the primary balance in the public accounts. We have a very strong, very consistent monetary policy, a system that gives a lot of predictability to the behavior of the Central Bank. In this context, we believe that macroeconomic stability is guaranteed.

– Will this $ 60 million a day be available every day?

-We need to convert dollars into pesos to finance our financial program and we will sell 60 million US dollars a day from the month of April.

– Are there any changes in the dollar waterline?

-The Central Bank will announce how fast the bands adjust. It is a decision of the central bank on which the central bank must comment. It's a currency issue, it depends on the Central Bank.