'Argentines must save in local currency, like the rest of the world does,' Marcó del Pont

Central Bank Governor Mercedes Marcó del Pont said today that “we must save in local currency, like the rest of the world does,” as she justified the restrictions for the purchase of foreign currency.

“We needed to stop this urge Argentines have for the dollar, taking away State resources,” Marcó del Pont assured. “We had to do something with the dollars that were kept under mattresses or to an account inside the country,” she added, regarding the so called dollar clamp.

According to the CB governor, 3.1 percent of the GDP was turned into dollars. “The media tried to accelerate the devaluation. Now they are saying that the regulations will be loosened next year, and they do not understand that this is a deeper issue.”

Regarding upcoming economic policies, Marcó del Pont admitted that growth expectations are lower and that the aim is to look after other aspects of the economy.

“The growth of the economy will be quite lower than last year’s, but we aim to preserve the domestic market, jobs and wages.”