Daniel Artana, an economist at Fiel, once compared Mauricio Macri’s actions in December 2015 to getting out of stocks when the newspapers reported it. Macri, through his finance minister Alfonso Prat-Gay, announced the removal of regulations and allowed the purchase of foreign currency, setting a precedent for economic liberalization. This move was praised in the media and became a central part of the economic narrative surrounding Macri’s presidency.
In contrast, economist Javier Milei has taken a more cautious approach to removing restrictions on the purchase of foreign currency. Despite promising swift action, Milei has not followed through, leaving many entrepreneurs and CEOs questioning when they will be able to freely access foreign currency for imports and other business needs.
Recent studies have shown that there are still significant challenges to fully liberalizing the foreign exchange market, despite initial hopes for a quick removal of restrictions. Economists point to the benefits the government has gained from the current system, such as access to cheap financing and liquidity. Concerns also arise about the sustainability of government debt and the potential impact on inflation if restrictions are lifted too quickly.
Some economists predict a gradual removal of restrictions on foreign currency purchases, to ensure stability and mitigate risks to the economy. Calls for a more measured approach to liberalization have been echoed by experts in the field, who emphasize the importance of balancing economic growth with responsible financial management.
In conclusion, the path to fully unlocking the foreign exchange market in Argentina remains uncertain, with experts advocating for a gradual approach to avoid potential pitfalls. The debate continues among policymakers, economists, and business leaders about the best way forward for the Argentine economy.