Massa has doubts about using the measure requested by companies, fearing it will lose its meaning before the World Cup

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Sergio Massa: The Ministry of Economy doubts the implementation of the “Qatar dollar”.

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In the “desperation for dollars” that José Ignacio de Mendiguren, the Secretary of Industry, hinted at last Friday, the government is moving forward in analyzing some measures that would block access to foreign currency. No “Qatari Dollar” Positions close to the price of the financial dollar, which was closed last week $300. What worries Economy Minister Sergio Massa, behind his idea, is that its use could distort the meaning of the measure: to raise prices and limit consumption of foreign currency. Hence the delay in implementation.

The details of its implementation involve redesigning the dollar card, and several alternatives are being considered: by increasing the perception of income tax, or New exchange rateAccording to sources close to its development. However, the most important thing for the government is that if the measure is implemented, the incentive for tourists to use their own dollars instead of the Central Bank’s dollars will be maintained and the price will not remain on the background of the increase. blue dollar

One of the problems is estimating that even in the short term the announcement of this measure could once again cause the free dollar to rise. If the implementation of “Qatar dollar” does not have a float chart, It could once again be down to the informal market, and with that, the measure itself loses its power as credit and debit card payments become even more convenient for travelers. That’s what happened with Card Dollar after Silvina Batakis increased the perception of income from 35% to 45%.

Silvina Batakis and Sergio Massa
Silvina Batakis and Sergio Massa

“It can always happen. The most logical thing is that the parallel is going up and the tourist should be updated, because if it stays at $300 and the blue at $320. Still agrees with the card. “For the success of the event, it is important that the amount be adjusted, that people stop using the tourist dollar incentive,” he explained. Fernando MaruliFMyA Economist.

Another obstacle relates to the growing acceptance that the official exchange rate is not “correct”, leading to worse expectations in markets. This will happen, especially if the mass decides to create a new list. “When you start opening dollar prices like this, you give a signal that The dollar price is not what is relevant. If we have already started with the Qatari dollar, the dollar for the knowledge industry, for the oil sector, obviously, all these violations do not help the exchange rate. What will happen is that when you have multiple offers, everyone – everyone who can – will be marked down to the highest dollar. Many of these prices are confirmed by the surplus pesos in the market,” he explained. Christian ButlerFinancial analyst.

For these reasons, the Ministry of Economy insists that the implementation is complex, the options are limited and they await the determination of the measure. A series of meetings which the portfolio holder will maintain this week with other private sector associations calling for action. In particular, the exchange of CAME, Camarco (construction), Adefa (automobiles) and Afarte (electronic terminals in Tierra del Fuego) will be on the agenda. The idea is to see what alternative proposals come up. Until then, the mass is not sure about moving forward.

Matias Tombolin, Gustavo Salinas (President of Toyota Argentina), Sergio Massa, Ignacio de Mendiguren and Augusto Costa
Matias Tombolin, Gustavo Salinas (President of Toyota Argentina), Sergio Massa, Ignacio de Mendiguren and Augusto Costa

As Jose del Rio said , one of the proposed schemes involves raising the perception of profit above 50%, but they believe that this is “bread for today and hunger for tomorrow” because it is an advance that has to be returned to the exchequer later. The other alternative is to increase the PAIS tax, which is made more difficult by the fact that it must pass a Congress in which the ruling party does not have enough votes. The latest idea, so far, is to limit card spending, as used in the Christina Kirchner administration.

The “Qatari dollar” was not conceived in the Palacio de Hacienda offices, according to various sources. Instead, it was a proposal – in a demanding tone – raised by business entities. Last Thursday, Sergio Massa met with the Executive Committee of the Argentine Industrial Union. They were the first to offer a price increase scheme to match those who make purchases abroad with a card.

The businessmen’s idea is similar to that expressed by Massa’s predecessor, Silvina Batakis, that “the right to travel collides with the generation of employment”. The subject’s suggestion is that travel dollars should be prioritized for the flexibility to access foreign currency for the import of supplies, although The official intention is to maintain reserves And they give them only in critical cases.

“The General Business Confederation suggests that access to the cheap dollar should be used to produce and generate employment, not to travel abroad or buy luxury goods,” the entity said in a statement on Sunday. He added that “he is in favor of using the dollar for production, employment and imports, which are essential for the productive continuity of the small and medium business sectors, which require them to add national value.”

Source: La Nacion