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August 20, 2014
Sunday, February 2, 2014

'There are more than enough reserves'

Cabinet Chief Jorge Capitanich has defended the Victory Front's economic policies, and assured that the level of currency reserves in the Central Bank is acceptable at the current time.

"The levels of reserves right now in Argentina are more than enough. The average over the [last] decade was around 36 billion dollars, during convertability it was 22 billion dollars. We have that memory programmed, since monetary convertability, to establish a link between the reserves and the monetary base," Capitanich affirmed in an interview published today by Tiempo Argentina.

"We have an economic system whose decisions have been taken with a guiding force, aiming to meet political economy objectives. The decisions regarding exchange policy have been made in that context," he explained.

The Cabinet Chief also redoubled government criticisms of opposition media groups, claiming that they sought to destabilise president Cristina Fernández de Kirchner.

"The systematic attack from concentrated media looks to affect levels of credibility and trust. Those concentrated media groups, allied with groups of national and international financial power, promote systematic processes of aggression," he charged.

"They do this through different methods. From rumour up to psychological actions on the population. The perspective of weakening implies the possibility of influencing decisions. That is why markets blows happen, speculative attacks, with the goal of establishing processes of depreciation in real and financial assets.

For the high-ranking government official, the result of this process is that "governments become employees of financial groups."
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Tags:  Capitanich  reserves  dollar  opposition  





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