Macri’s announcement in December 2015 that he was lifting restrictions on foreign currency purchases signaled a departure from the rigid policies of Néstor Kirchner. This move, facilitated by Alfonso Prat-Gay, was widely praised by the public as it allowed individuals and businesses to have more freedom in their financial transactions.
On the other hand, Javier Milei has been more cautious about lifting restrictions on foreign currency purchases. Although he promised to do so quickly, his failure to follow through has left many entrepreneurs and CEOs uncertain about when they will be able to buy dollars for imports without constraints.
The government has hinted at a potential delay in lifting the restrictions, citing various reasons such as financing at negative rates and concerns about government debt if interest rates turn positive. Economists have also highlighted the benefits that the government has derived from maintaining controls on foreign currency purchases, including financing and liquidity. However, there is growing pressure from businesses and the public to ease these restrictions.
Several studies have supported a phased approach to releasing foreign currency controls, emphasizing the need for caution and careful planning to avoid potential negative consequences. Economists believe that gradual release would be prudent course of action to ensure stability and avoid disruptions in financial markets.
In conclusion, lifting foreign currency restrictions is a delicate balancing act that requires careful consideration of economic factors. While there is pressure from businesses and the public to ease restrictions quickly, it is essential to proceed with caution to avoid any unintended consequences or destabilization of the economy before taking any decisive action.