The Minister of Economy Sergio Massa announced that it will implement an import authorization system with shorter terms and that they will be paid directly with yuan. In this way, the Government will avoid the use of dollars to finance these purchases abroad. “We had to intervene with those who overspeculated, this will give us more freedom,” said Massa after the dollar fell this Wednesday in the foreign exchange market after Tuesday’s rise that took it to $497.
“After an agreement with different companies, we reprogrammed the payment instrument for more than US$ 1,040 million for this month of imports from China, which stop weighing on the outflow of our dollars and become part of the outflow of yuan,” said Massa together with the Chinese ambassador in Argentina, Zou Xiaoli and a group of officials, including the president of the Central Bank Miguel Pescethe Secretary of Economic Policy Gabriel Rubinsteinthe Trade Matias Tombolini and the customs officer Guillermo Michel.
In turn, the head of the Palacio de Hacienda, pointed out that the instrument “also allows us to work on the possibility of advancing the rate of imports in the coming months, the vast majority of these authorizations were worked for 180 days and with the yuan work for 90 days, and to program a volume of imports in yuan for more than US$ 1,000 million starting next month, which replace the use of dollars from Argentina”.
“The Central Bank adds capacity for us to function, in these days where we had to make the decision to intervene against those who, thinking that we did not have economic capacity as a state, speculated and overspeculated,” he said.
Likewise, he maintained that “in some way it also allows us to maintain the level of activity, the volume of imports, the rhythm of trade between Argentina and China, and the levels of economic functioning that Argentina needs”, at the same time that it allows “a greater strength for the reserves” and “greater capacity for State intervention”.
