2023-11-06 11:29:01
In a tense and entertaining television interview, the Minister of Economy and presidential candidate, Sergio Massa, announced that the wholesale dollar will increase its price on November 15, four days before the second round of the presidential elections. This data was one of the most anticipated data by the market and companies dedicated to foreign trade.
The interview, which lasted an hour, was marked by tension, with multiple crossovers and exchanges between Massa and journalist Luis Majul. Massa accused Majul of maintaining an editorial line more critical towards him than towards his competitor in the elections, Javier Miley.
According to sources from the Ministry of Economy, The strategy is to keep the official dollar at $350 until November 15. He explained that, from that date, daily microdevaluations, known as “crawling peg,” will be applied with the purpose of preventing the dollar price from lagging behind inflation.
Sergio Massa announced the increase in the dollar before the runoff: how much will it go
The wholesale dollar will rise 3.53 pesos, to $353.53, on November 15, four days before the presidential elections, the Minister of Economy and presidential candidate, Sergio Massa, revealed last night.
He assured that the objective is preserve the competitiveness of exporters and avoid a devaluation that harms the economy. In addition, he recognized that the export dollar measures announced at different times by the government helped reduce the gap between the official dollar and parallel markets.
Import restrictions also helped the Central Bank to achieve ten consecutive days with a positive balance in the exchange market.
After the November 19 ballot, Argentina must resume negotiations with the International Monetary Fund (IMF) and advance in the last review of the year, which was scheduled to begin in early November. The next disbursement of US$3.3 billion, scheduled before the end of the year, depends on this audit.
After a devaluation that allowed a disbursement of US$7.5 billion from the IMF to be unlocked, the Government increased spending, reduced taxes and froze the official exchange rate and tariffs. This resulted in a deviation from targets, including fiscal deficit, reserves and monetary issuance, which led the IMF to demand more “restrictive” measures.
The schedule until January includes debt payments for a total of US$6 billion, which are distributed between US$3.7 billion for the IMF, US$800 million for organizations and US$1.6 billion for bondholders, according to the consulting firm Equilibra.
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