Sandleris repeated that "the financial system is solid" despite the new cimbronazo

The President of the Central Bank of the Argentine Republic (BCRA), Guido Sandleris, reaffirmed Monday that "the financial system is solid", despite the volatility provoked since the primary elections of August 11, said the President The control of exchange represents an "umbrella" for stability and has revealed that it is negotiating with the IMF a new regime for the September target on monetary aggregates.

"Despite the volatility of recent weeks, the financial system is strong. In the dollar segment, about half of the deposits are protected in the Central Bank, entirely at the disposal of the entities, and the rest is in the form of liquidity in the banks or provided to exporters without exchange risk, "he said. declared.

In this regard, he added that "in the peso segment, despite exchange rate fluctuations, deposits are stable and liquidity is still high".

"I am convinced that the measures adopted will reduce volatility and thus protect the stability of exchange rates and savers," he said at his first press conference after setting up a control currency exchange that basically prevents companies from buying dollars for cash.

The head of the monetary authority discussed the decline recorded by the dollar today and said: "Today is an atypical day for several reasons, first because is the first day of the new measures and that it has surely generated inconvenience how the banks have worked because there are a lot of new regulations; The day is also unusual for holidays in the United States, which makes the volume operated in Argentina's smaller markets, but we found a strong appreciation of the peso against the dollar. "

"The measures taken by the Ministry of Finance and the Central Bank last week aim to reduce this volatility in order to protect our population with all the tools at our disposal," insisted Sandleris.

In this regard, he stressed that "the use of international reserves to preserve monetary and financial stability has been prioritized".

The head of the BCRA has been careful to specify that "every freedom is allowed to extract pesos and dollars from bank accounts for all, whether it is natural or legal persons".

In addition, he said that exchange control does not replace the rest of the tools of aggressive monetary policy.

"These measures do not replace the strict monetary policy we have been applying since last September and we will continue to move forward. These are complementary measures, in a context of great uncertainty, "he said.