Wholesale Dollar Exceeds 1500 Pesos, Economist Warns of Devaluation

The wholesale dollar exchange rate has surpassed 1500 pesos, raising concerns in the market. Economist Juan Carlos de Pablo criticized traditional metrics for assessing currency lag and stated that resolving economic imbalances through devaluation is a mistaken diagnosis. In an interview, he dismissed the use of mathematical formulas to calculate an 'equilibrium dollar', arguing that this is arithmetic and not economics. De Pablo pointed out that there is no direct intervention in the market, but rather a floating exchange rate, and that the dollar is not approaching the upper band. Furthermore, he asserted that there is no 'ceiling' for the dollar and that its exchange rate responds to supply and demand. He questioned the idea of a currency jump to gain competitiveness and dismissed a dollar at 5000 pesos, warning that a massive devaluation would not solve companies' problems. De Pablo anticipated a 'permanently low dollar' due to the impact of Vaca Muerta and mining, urging companies to improve their internal efficiency. He also mentioned the increase in household delinquency as a warning sign for the financial system, recommending cutting expenses instead of going into debt. Finally, he warned about the high-interest rates in the country, suggesting not to incur debt in times of uncertainty.

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