Traditionally, Argentines who can spare in the American currency. A habit acquired to try to protect money from the country’s historic inflation. President Javier Milei’s government wants to attract this savings, which may be kept at home or in bank coffers in an attempt to strengthen the Central Bank reserves and the Argentine economy.
As Clarín reported in Spanish, it is estimated that Argentines have between $ 240 billion and $ 300 billion in the “mattress”-which has already earned the popular nickname “Matt Bank”. This week, Economy Minister Luis Caputo announced a series of measures by relaxing the requirements for this savings to enter the financial system.
The package has a pompous name. It was named the “Historical Repair Plan of Savings (Ahorros, Spanish) of Argentines” and prepared by the Ministry of Economy, the Central Bank and the Arca (former AFIP, equivalent to the Federal Revenue of Brazil). The goal is that the dollars not declared to the tax authorities will be used for the purchase of durable goods – from appliances to automobiles and real estate. If the announcement attracts this savings, economists estimate that consumption would be stimulated and the dollar quotation would fall.
But economist Lorenzo Siguat Gravina, from Buenos Aires Equilibra Consulting, noted that “legal certainty” is missing so that the result of the measures is important. The government has expanded the money ceiling that does not need to be declared to the tax authorities, which generated criticism of some sectors. “People can spend their money (savings) without problems (…). Expenses up to 50 million weights per person and per month will not need to be declared,” said the Caputo Minister.
The question is whether this flexibility will not open the doors of money laundering, as observed, for example, authorities of the Government of Santa Fe. Milei government measures could facilitate the money laundering of organized crime.
The International Monetary Fund (IMF), through Julie Kozak’s spokeswoman, said the Argentine authorities had committed to “strengthening financial transparency and aligning the measures to fight money laundering and terrorism financing in Argentina, according to international demands”.
On Friday, the caputo minister said the package will not help illegal actions, said the IMF congratulated it on the measures, but some analysts say there is still doubts about how to control the unlavod money that could enter the financial system.
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