Javier González Fraga: "The inflation will be much faster than the"


The economic revitalization of government officials, as it is essential for Mauricio Macri's election opportunities, appears. An owner of Banco Nación, Javier González Fraga, believe that "As of the second quarter of 2019, revival will be much more visible to the public, although the economy will start to grow since the beginning of the year. "

The economist thought that "strong" foundations are "found out" to get out of the emergency: "The fiscal deficit will disappear, the red from the current account will disappear; falling to less than 10,000 million dollars next year and the bomb will be disbanded. next month. "

González Fraga spoke to a group of journalists, including Infobae, about the economic situation but also challenged by Banco Nación. And the question was obviously clear for the strike that will affect public banking today: "The Bank negotiated with private banks upgraded an additional 12% for November, in the public banks that we can not afford. We offered 5.4% and then two further enhancements which included just over 11%. We do not agree that the private organizations have organized that we must also give us ".

The head of the United Kingdom expressed his wishes about the revival in a number of things: "The inflation will begin to fall dramatically from November, closer to 2% by 3%. Salary start is also beginning and the autumn dollar will be introduced, with a & # 39; greatest impact in the first place. "In this way, he thought that" the future of the months is that the inflation will be Going down faster than the levels of interest, as the Central does not want to be affected as it was in the past. "

This view shows that atmospheric dose is faster than it is encouraged by offering up to 10% more UVA, in terms of one-year loans. "We will change money for inflation and loans at BADLAR level, as the product is far higher," he says.

Below, some sections of the González Fraga talk about Banco Nación scenes:

– What are the dangers of the situation in which economic revival is not happening?

– In fact they are there. The war between the United States and China, whatever happens to the degree of international interest or situation in Brazil. And, indeed, the uncertainty in elections is more often. It's not a new thing that people are pollinated between Mauricio Macri and Cristina Kirchner. And there will also be a more important role from March or April. But I do not think it's a big deal with the dollar, because at those levels it is at a much more competitive rate than six months ago.

– Is Lebac rebuilt with Leliq that the Central is a danger?

– On the other hand, what's happening is very good. There was a very good view of the old head of Central America, Luis Caputo. It could not be that the BCRA found out that small-scale investors would build not only from Argentina but from abroad. It was a dangerous situation. I do not blame either Federico Sturzenegger, because something had to do with the dollar that came into that minute. And it was necessary to reinforce the damaged weights to stop the collection of resources. The Leliq, on the other hand, is only in the hands of banks.

– Is it true that the BNA lost lending capacity?

– Separate party. This needs to be done by a number of factors. On the one hand, In Budget it was established that we will Going up to 15,000 million pesos of our profits. In addition, IMF asked us that the funding made by the Finance Department will not increase its loan capacity; bank. And that is an important change in what has always been done.

– Do you buy a lot of Leliq?

– On the other hand, we'll buy much less than the rest of the system. We continue to continue to loan to SMEs, we Increase microcredit and we also follow our mortgage loan line, although we are slower than before. We do not make a business; add to the main, but to & # 39; promoting representation.

– Why were the fees for releasing surveys to maximize?

– Indeed, we put all banks at market level, they did not; We can keep the lines up with lower levels. In some situations, especially large companies, may have been affected by & # 39; feeling, but he has more to do with caring for our liquidity. That said, I want to emphasize that we are still the bank that is the leader of the increase in credit. In the last three years we have at least 9.5% to represent 16% of the total. In the case of mortgage loans, we represent 50% of all the things that the financial system has given. The basic level in this section is very small, with only 50 credits of 50,000 in total. And the second half is the result of couples that divide and spell; stop paying.

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