The Deputy Minister of Economy, José Luis Daza, stated that Argentina is heading towards a scenario of great foreign exchange inflow that could make the peso one of the strongest currencies in the region. In this context, he rejected criticisms regarding the exchange rate level and assured that the dollar is “not stagnant”.
During his presentation at an event organized by Fitch Ratings, the official highlighted the recent performance in terms of reserve accumulation and emphasized that the Central Bank has already reached the foreign exchange purchase target set at USD 10 billion. Furthermore, he suggested that if the trend continues, that number could rise to USD 24 billion.
“We do not believe we will continue at this pace, but we are clearly outperforming. We have already reached consistent purchases with the IMF's accumulation targets, and Argentina's overall balance looks extraordinarily positive,” Daza stated.
The Deputy Minister emphasized that the country is undergoing a structural transformation process, after more than two decades without significant investments. He indicated that economic opening and the removal of restrictions will allow reversing that scenario. “We are opening it to the world, eliminating trade, investment, and operational restrictions,” he noted.
In this context, he anticipated a strong influx of external capital: “There will be a true avalanche of foreign investment that has not yet materialized.”
The official highlighted the role of the Large Investment Incentive Regime (RIGI) and the acceleration in project approvals as key factors for this process.
The Deputy Minister placed special emphasis on strategic sectors such as agriculture, mining, and energy, which will be engines of foreign exchange inflow. “We are attracting dollars to invest in sectors that will produce more dollars, which is expected to create a constant flow of foreign exchange that will grow significantly,” he indicated.
