The Director of Banco Nación proposed a currency other than the peso to recover consumption capacity

The National Institute of Statistics and Censuses (INDEC) reported in the last hours that inflation reached 2.5% in August and added 51.4% in the last year. Although from the Economy they indicated that the deceleration in prices continues, since January the increase has accumulated 32.3%, above the official guideline of 29% for the whole year. In this context, with alarming rates of poverty and unemployment, the discourse of the ruling party totally turned to economic reality after the electoral defeat in the PASO.

While President Alberto Fernández prepares announcements to twist the debacle at the polls with a view to November, this week more and more leaders and officials, their own and others, raised their voices to express where the Government should aim to reverse the situation.

Last night it was the turn of Claudio Lozano, the Director of Banco Nación, who spoke about this situation and left some economic definitions. One called attention to the rest: recovering the consumption capacity of citizens through a currency other than the peso.

When asking for “new strategies” to reactivate the economy, the leader of Popular Unity, one of the fronts that makes up the ruling coalition, spoke of “a non-convertible currency option.” “Not convertible to foreign currency, not convertible to hard currency, in order to finance social policy and the population’s consumption capacity; that it has all the functions except that it cannot be exchanged for a dollar ”, he explained about his proposal.

During the interview in Brotes Verdes, through the C5N signal, he argued that “if one combines this with better exchange regulations and a discussion different from the usual system”, consumption could be recovered, a factor that the Government intuits as key in its intention to narrow the gap with opposition candidates in November.

Regarding the hard blow in the elections, Lozano spoke of a combination of factors. “I think there is a mixture of disappointment, apathy, anger, a cocktail where all these feelings come together; In some tours of popular neighborhoods we have registered it, walking through the neighborhoods one notices it ”, he said about the meager harvest of votes in relation to the pro-government forecasts.

To improve the numbers in the Generals, for the leader the most important thing is “to listen, there must be some sign that it was heard and that there is a substantive change in the direction of the management.”

“Since October last year the level of fiscal adjustment was not compatible with a society like the one we have,” he criticized. In this way, he agreed with the Buenos Aires governor Axel Kicillof, who on the same Monday affirmed that “the fiscalist gaze must be relaxed; both the national and provincial governments must dedicate themselves at this time to reconstruction in an exclusive manner and that implies that the salary beats inflation and that jobs are created ”.

In turn, Lozano insisted on the exchange factor: “We would have to discuss the issue of exchange regulations, it cannot just be a financial alchemy with the purchase and sale of bonds where I also spend reserves.” For this reason, in addition to generating another type of currency, he called for a discussion about “the parallel markets of the dollar”, to analyze “if it makes sense to keep them the way they are working.”

He also stressed, among other measures of a political and economic nature, the need to deepen the control of the price system – “we must think about social control, seat all the actors to stop the abuses of the dominant position,” he stressed. universal emergency and comprehensive assistance to SMEs and popular economies. “You have to provide them with a set of solutions,” he synthesized.

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