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Financial News: ARGENTINA: Disinflation Was Not Linear In The First

ARGENTINA: Disinflation Was Not Linear In The First Months Of The Year - BCRA

04/04/2018 - 18:19:00 (RTTNews)

(RTTNews) - The disinflation process in Argentina was irregular during the first months of 2018 due to the central bank's decision to cut interest rates even amid monthly core inflation of around 1.4% in the last quarter of 2017, said Federico Sturzenegger, governor of the country's monetary authority.

"We understand that it generated uncertainty about the future of monetary policy, producing an upward movement of expectations," said Sturzenegger.

"The change in goals gave even more space to implement these cuts, but when we carried them out, the market interpreted them in a different way to ours and read them as the prelude to an excessive easing of monetary policy," he added.

The governor said that the current level of the benchmark interest rates - of 27.25% - is "adequate" and that "monetary policy has a more contractive bias than that observed during most of last year." He added that "wage negotiations are being agreed in line with the 15% target" for the annual inflation rate.

Meanwhile, he affirmed that "the correction of regulated prices will be strongly restrained after this month" and that "the current level of the real exchange rate and the BCRA's action lead us not to expect significant depreciation of the peso in the coming months."

On the interventions of the financial institution in the local exchange market in recent weeks, Sturzenegger said that the move "consolidates a quasi-fiscal gain, breaks down the expectations of depreciation and inflation, and allows the monetary authority to point out that its vision on future monetary policy differs from that of the market."

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