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ECONOMY | 02-12-2021 14:28

Central Bank chief Miguel Pesce: FX adjustment not included in IMF talks

Negotiations to reach an agreement with the International Monetary Fund do not foresee an exchange-rate adjustment, said Central Bank chief Miguel Pesce.

Argentina is in the midst of intense negotiations to reach an early agreement with the International Monetary Fund, but the talks aren't considering an exchange-rate adjustment, the head of Argentina's Central Bank Miguel Pesce said Wednesday at a conference from Buenos Aires.

Pesce said the budget presented to Congress foresees GDP growth of seven percent, but that his estimates were for more than nine percent, which would change the focus of the discussion with the IMF because of the fiscal aggregates and the effects it has on revenues.

Argentina will end this year with exports of around US$75 billion, however, that may not be enough as the country needs US$90 billion to have a long horizon.

The official added that the Central Bank will change the pace of devaluation it has had so far, as the inflationary process allows.

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by Silvia Martínez, Bloomberg

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