Argentina’s President Says Currency Market Needs Order: Cohete

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Argentine President Alberto Fernandez said that the country’s currency market is messy and must be “ordered,”according to aninterview with local outlet El Cohete a la Luna.

In the wide-ranging interview, the president complained that a mass exodus of dollars from the country as well as sustained demand from citizens for dollar savings had put the country in a precarious position.

In mid-September, Argentina addedsevere restrictions on dollar purchases for individuals and companies, but the measures have done little to curb demand.

“When we arrived in December we found ourselves with a languid central bank, without reserves, empty, with few freely available dollars,” said Fernandez. “We want to prioritize the use of those dollars for purchases inputs for imports.”

A spike in the value of dollars in a parallel market used to skirt the controls has only made matters more complicated. Still, Fernandez said, assistance from the International Monetary Fund will help to sort out the nation’s currency issues.

“The currency market is very messy and we must order it,” he said.

During the interview, the president sought to play downreports that Economy Minister Martin Guzman and central bank chief Miguel Pesce are at odds over the crackdown on dollar purchases.

“There were no divergent positions but debates,” said Fernandez. “We heard each other, we made a decision and we carried it out.”

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