In December 2015, Mauricio Macri, the Argentine president at the time, made a significant move by lifting restrictions on foreign currency purchases. He announced this change through Alfonso Prat-Gay at a press conference, signaling a departure from the regulations put in place under Néstor Kirchner. This move was well-received by the public and set the tone for Macri’s economic policies.
On the other hand, Javier Milei has taken a more cautious approach to lifting restrictions on foreign currency purchases. Although he promised to do so quickly, he has not followed through on that promise. This has left many entrepreneurs and CEOs uncertain about when the restrictions will be lifted, as they are eager to have more flexibility in buying dollars for imports and conducting business without constraints.
The government has hinted at a potential delay in lifting the restrictions, citing various reasons such as the need for financing at negative rates and concerns about the sustainability of government debt if rates turn positive. Economists have also highlighted the benefits that the government has derived from the stocks in terms of financing and liquidity, making it a complex decision to fully dismantle the controls.
Several studies have supported a gradual release from the stocks, emphasizing the need for caution and careful planning to avoid potential negative consequences. Economists believe that a phased approach to lifting restrictions may be the most prudent course of action to ensure stability and avoid disruptions in financial markets.
In conclusion, releasing from foreign currency restrictions is a delicate balancing act that requires careful consideration of various economic factors. While there is pressure from businesses and individuals to ease these restrictions quickly, it is crucial to proceed with caution to avoid unintended consequences. The government must weigh