Economy Minister and lawmaker candidate for the Victory Front Axel Kicillof today blasted what he called the “devaluation club” and urged businessmen, bankers and industry leaders to “avoid talking about a foreign exchange market slowdown because it disturbs people.”
In an interview offered to A24 news network, the minister called to have confidence in the national currency, the peso. «When people get frightened, they don’t invest in the same way. Investment is very volatile. If people believe there will be devaluation, a foreign market slowdown, they won’t invest,” he added.
He insisted the national administration is not planning “severe changes” in its monetary policy to address the Brazilian real devaluation adding “here in Argentina the foreign exchange market remains stable.”
“We have identified a global crisis since last year, so we have implemented a series of programmes, such as Procrear, Progresar, Ahora 12 and the Price Watch Programme, to sustain domestic demand and to prevent economic difficulties in other nations from affecting Argentina’s employment level,” Kicillof stated.
“I was attacked for those programmes,” the economic chief said. “People was afraid, they were told they would lose their jobs, but that didn’t happen,” he added.
“We are not going through the best year in Argentina,” he admitted, but “it’s not the worst like they had predicted.”
Source: Buenos Aires Herald