New rules to protect reserves are ‘temporary,’ says government

Presidential Spokesperson Gabriela Cerruti slams opposition ‘fear-mongering’ after introduction of new rules by Central Bank.

New restrictions to protect Central Bank reserves are only “temporary” and should not spark fears among citizens, Presidential Spokesperson Gabriela Cerruti said Friday.

Speaking at a press conference, Cerruti criticised “fear-mongering” from the opposition and said new rules for consumers and banks introduced this week – including a Central Bank measure prohibiting the credit card financing of trips abroad in quotas – were a bid to “face up to negotiations with the IMF.”

“We have to advance in an agreement with the IMF and that implies the reserves being robust so that the Central Bank is strong enough to take charge of these negotiations,” she assured.

She did not put a timeframe on how long the restrictions would last.

Cerruti highlighted that the Central Bank’s reserves “are robust” and they would be monitoring the situation, extending the ban “according to the financial and macro-economic situation of Argentina.”