In the last few hours, the Córdoba Stock Exchange issued a statement stating that “it has maintained for some time that this course and political orientation inexorably leads to an implosion of the economy with serious economic and social damage. irresponsibly exaggerated public spending, with a high fiscal deficit and an uncontrolled monetary emission to finance it The exchange rate has comfortably exceeded $340 in free markets and treasury bonds are at auction price Inflation points to 100% and poverty exceeds 40%”.
Delving into the value of the dollar, he indicates that “The exchange rate gap that exceeds 160% stimulates the over-invoicing of imports and the under-invoicing of exports. The Central Bank runs out of reserves and cannot supply foreign exchange to importers for production In this context, the government ends up requiring importers to finance themselves from their foreign suppliers, a declaration of insolvency and, in turn, a utopia that will end up increasing prices even more and deepening shortages.”
“The announcements of the new minister are not enough to produce a change like the one the country needs. To continue trying to postpone this inevitable outcome with tenuous measures will be even worse for society,” he adds.
At the end of the statement, it indicates: “As we have been maintaining, the markets must be freed as soon as possible to reestablish the balance and initiate a process of macroeconomic order. The order in the accounts of the public sector cannot be postponed. It is the only way to restart a process of economic growth, consistent and sustainable, based on monetary stability. The time has come to instill profound measures with a certain sacrifice, but with a vigorous hope for the future”.
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