Federico Furiase defended the currency intervention: "The Treasury has the ammunition and the freedom to act."

The director of the Central Bank (BCRA), Federico Furiase , became one of the strongest voices for the ruling party in explaining the government's foreign exchange strategy . At the Life and Retirement Insurance seminar, organized by Avira, the economist defended the Treasury's decision to intervene in the foreign exchange market and asserted that, despite the volatility of recent days, "the macroeconomic fundamentals are solid."

During his presentation, Furiase maintained that the Treasury has US$3 billion at its disposal to respond to liquidity situations and that this "ammunition" gives it the freedom to maintain financial order. " It's happened that with just US$30 or US$40 million, the exchange rate has risen by $40 . That doesn't reflect the normal functioning of a market that operates with volumes of US$600 million daily. That's why we intervene, to provide predictability," he emphasized.

The official attributed the recent exchange rate tensions to the political climate leading up to the October legislative elections. " Electoral processes generate noise and volatility, even more so when the opposition seeks to attack the heart of the economic program, which is the fiscal anchor ," he warned.

In this regard, he noted that the market movements are not due to structural imbalances, but rather to attempts at political destabilization. " They are trying to instill uncertainty in society, but the macroeconomic program is ironclad. The economy is growing at 6% annually, inflation is slowing, and the dollar remains stable ," he emphasized.

According to data shared by Furiase, August inflation will hover between 1.8% and 2.1%, consolidating the downward trend initiated after the end of the currency controls. “This is not a coincidence; it's causal. We have a carefully designed stabilization plan for fiscal, monetary, and exchange rates. Coordination across all fronts has made it possible to shield the economy from political noise ,” he explained.

The official projected that La Libertad Avanza's victory in October will ease volatility and allow for progress on a structural reform agenda. " We are convinced that after the elections, there will be a stronger Congress, one that will support the necessary transformations. Argentina is poised to become the fastest-growing country in the next 20 years ," he emphasized.

Furiase also defended the elimination of liquidity letters (LEFI), which for sectors of the market was a mistake. " They represented a $10 trillion liquidity risk in one day. Today, that money is channeled into BCRA reserves or longer-term Treasury bills . Furthermore, it allowed banks to stop financing the State and lend to families and businesses," he emphasized.

Along these lines, he highlighted that credit doubled during his administration, going from 4% to 8.8% of GDP. "Today, families once again have access to mortgage loans to buy a home, which shows that the economic policy is working," he stated.

The BCRA director closed his presentation with a message of confidence: “The Treasury has $23 trillion in reserves, equivalent to 3% of GDP. This guarantees stability and predictability. Fiscal balance is not negotiable, because it is the foundation of sustained growth .”

For Furiase, the combination of a fiscal surplus, monetary strength, and structural reforms puts the country on a path of sustained expansion, despite attempts by opposition groups to generate uncertainty. "Argentina is going to grow because we have the conviction, and the people will give us strength in October," he concluded.