The BCRA's President meets with Authorities of the Argentine Industrial Union (UIA)

In a meeting with authorities of the Argentine Industrial Union (Unión Industrial Argentina, UIA), the President of the BCRA, Miguel Pesce, confirmed the BCRA's commitment “to prioritize the use of foreign currency for supporting the process of economic recovery and growth”. In addition, he insisted on “the need to make an export leap to overcome the restrictions on the balance of payments”.

Pesce summarized the main points discussed: the policies developed to support companies within the COVID-19 health emergency; and the measures adopted to achieve the financial inclusion of small- and medium-sized enterprises (SMEs) and to make credit lines available for investment and working capital.

The conditions of access to the forex market by importers of supplies and capital goods were also discussed with a view to removing any hindrances that may affect the productive sector, without threatening the forex market stability.

Moreover, Pesce pointed out that, as long as companies do their usual business practices, regulations will be gradually removed. This is the case of provisions aimed at promoting investments—thus boosting exports—and making foreign currency available for increasing exports—from 5% to 15% of such increase.

Sergio Woyecheszen, BCRA Vice President, was also present at the UIA meeting. All attendants agreed to work together so that exports could reach 90 billion dollars and to develop the capital market with a view to channeling domestic savings to productive activity.

October 19, 2021.