The head of the Central Bank Alejandro Vanoli has praised organized controls over the exchange market, saying they have “brought peace”.
“The market and the public have responded positively. During these 40 days [since he replaced Juan Carlos Fábrega as head of the CB] the market has calmed down. Less financial risk is perceived, as the government has ruled out the possibility of peso devaluation and has set mechanisms to fight speculation,” Vanoli told reporters today.
“Controls will be constant and transparent,” he added, while saying the Central Bank is “determined to deepen the quantity and quality of supervising processes, focusing on money laundering and currency exchange regulations.”
Vanoli then considered these measures are carried out in order to “help common people”, and argued other Central Banks are also focused in financial entity supervision.
“On Monday I went to a G20 congress in Basilea and every Central Bank and government agency spoke of the necessity of giving trust to investors. This is done with a transparent and close regulation of financial entities.”
“These global concerns help to put the Argentine situation in perspective. Our actions are not arbitrary; they are in tune with what everybody else is doing with the financial market. In Argentina, there are people who want to de-naturalize our control measures, but it is likely that if they see other countries are doing the same thing, they will change their mind,” he concluded.
Source: Buenos Aires Heald