The president of the Argentine Banking Association, Javier Polzeco, has questioned the idea of “Dollarizing” the economy, one of the main proposals of far-right presidential candidate Javier Milli.
“We Argentines can and should have a stable currency. Dollarization means surrendering to the fact that we as a country cannot do things right, in order to have a reliable currency,” Polzeco said in a speech at a headquarters in Buenos Aires.
“The efforts needed to implement successful dollarization are the same as the efforts needed to obtain a stable currency”, Polzeco added.
“the dollarization exposes the country to the effects of international shocks”, Polzeco told the “Buenos Aires Herald”.
Javier Milli “dollarization” proposal includes closing the central bank, abolishing the peso, and using the US dollar as Argentina’s official currency.
In addition to rejecting dollarization, Argentine banks have called for “reduction of spending to levels that allow for the reconfiguration of solvency”, “the elimination of distortionary taxation” and regulations regarding the levels of interest rates on lending and deposits in the Argentine banking system, in which the central bank is currently heavily involved.
