The Minister of Economy, Luis Caputo, announced this afternoon that the economic plan is entering a second stage, and that a third stage is planned in which the exchange rate restrictions will be lifted.
The Economy to Come
The Minister of Economy, Luis Caputoand the president of the Central Bank (BCRA) Santiago Bausili said that his economic stabilization plan will have two more stages and that the objective, together with the zero fiscal deficit, is zero emissions. Thus he announced that will stop issuing to pay interest-bearing liabilities and, in addition, this debt will be transferred to the Treasury.
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In addition to these announcements, they gave some forecasts regarding the dollar. A new devaluation of the official dollar was ruled out, and it was announced that they will continue with the “crawling peg” at 2% monthly, in addition to maintaining the “blend” of 80-20 for exporters. The exchange rate would only be eliminated in a third stage.
“We are already in the second stage of the stabilization plan, which consists of closing the second monetary emission tap, the interest that the BCRA pays”said Caputo, at a press conference at the Microcinema of the Palacio de Hacienda, together with the President of the Central Bank of the Argentine Republic, Santiago Bausili.
The minister also insisted that “There is still no date for the lifting of the restrictions” and confirmed that the PAIS tax rate will be lowered once more money begins to come in from the tax reform.
