The International Monetary Fund’s (IMF) decision to make Argentina’s international reserves goal more flexible was interpreted as “good news” by business chambers, according to private sector sources. However, with foreign currency losses on the cards as a product of the drought, they are not expecting much “relief” in terms of access to dollars at the official exchange rate for the imports they need.
For now, companies have access to some US$ 10 billion in Central Bank dollars for imports scheduled between now and the end of the year. Companies in the Precios Justos (Fair Prices) price agreement scheme have the green light for immediate access. Consultors say that at least another US$ 8 billion is needed to avoid a decline in economic activity, in addition to financing from a roll-over of commercial debt.