Massa’s measures: plus fixed-term rate, less to Now 12, moratorium and importing Central Market

The Ministry of Economy announced this Sunday new measures to try to contain the growing inflation, which reached 8.4% in April, and among the outstanding guidelines A reduction of 9 points is anticipated in the interest rates of the Now 12 Plan and the authorization of the Central Market as an importer, without the obligation to pay tariffs. The interest rates of fixed terms will suffer a strong rise in an attempt to cool the dollar, in the statement of this Sunday the final number was not specified, but they would go to 97%.

The new measures were defined on Saturday at the Palacio de Hacienda, where the head sergio masamet with his entire team and the president of the Central Bank, Miguel Pesce, forced to show reaction before the devastating inflationary report that left the month of April, and the gloomy perspective that opens for this current May.

With regard to planes with cards, it is excluded that from next week This 9-point drop in the financial costs of purchases will be governed in 12 installments, thereby trying to promote the consumption of products of national origin only, which represent 5.8 million monthly and are equivalent to a movement of more than 250 billion pesos.

On the other hand, the new role for the Central Market, incorporating it into the Registry of Importers, will seek to curb “distortions in food prices verified by the Ministry of Commerce, due to the abuse of market-dominant companies.” So the Central Market You can directly import these products with Tariff Zero, creating a greater offer of products without intermediation cost, indicates the note released this Sunday by the Palacio de Hacienda.

The package also includes a plan of payment facilities of the Federal Administration of Public Revenues (AFIP), a moratorium for small and medium-sized companies. The benefit is to cancel tax obligations and social security resources expired until April 30. It is estimated that the stock of debt to regularize $456,063 million and would benefit some 656,000 taxpayers. Among them, 48.1% are Micro and Small Companies, 11.5% are Medium Tranche I and 31.2% are Small Taxpayers and Monotributistas.

In relation to costs, The Government will announce the suspension of antidumping duties on the importation of inputs released, which are part of the costs of local industries. This will enable the importation of inputs eliminated by ministerial resolutions and the collection of penalties provided for in the rules of the World Trade Organization (WTO).

Already in the area of ​​price controls, a unit of Trade Analysis. It will have the objective of monitoring the traceability of the goods that are traded in the local market and the taxation at each stage.

This will be made up of an organization Secretariat of Commerce, Production and Agriculture of the Ministry of Economy, AFIP, DGI, Social Security and Customs, Central Bank, Insurance Superintendence, National Securities Commission and the FIU.

The main measures

• They adjust the rate of the Central Bank.
• BCRA increases intervention in the exchange market and is going to manage the rate of tracking.
• Accelerate agreements with the International Monetary Fund, Swap China and guarantee via BRICS Brazil. (Mass to Beijing on May 29)
• In parallel, measures were defined to sustain the level of consumption:
• They lower the rate of Now 12, lower interest balance credit card rates.
• Increase in reimbursement to vulnerable sectors for consumption with debit card

To maintain your activity level:

• New AFIP current debt payment plan of up to 84 installments.
• Tax relief for the moratorium on fees with the Badlar rate.
• Accelerate the approval of SIRA for the import of capital goods with SIRA to 360 days.
• The Trade Operations Analysis Unit is formed.
• Ordering of price makers and fiscal situation in the Central Market.
• Elimination of tariffs and generation of dumping and protection regulations to improve competitiveness.

Finally it was possible during this week, the Ministry of Economy will communicate more measures, which will complement the announcements of this Sunday.

NA/ME/HB