Conservative presidential candidate Patricia Bullrich of Argentina criticized the country’s strict capital controls, referring to them as an “instrument of torture.” Bullrich expressed her intention to eliminate the controls if elected later this year. The capital controls, locally known as the “cepo,” have slowed the decline of the peso but have also created a thriving parallel market where dollars are more than twice as expensive as the official exchange rate.
Heading into a general election on October 22, Argentina is grappling with triple-digit inflation, an economic downturn caused by a drought affecting the farming industry, low central bank reserves, and mounting debt.
During a business conference in Buenos Aires, Bullrich stated, “Never again will we have a cepo, which is an instrument of torture.” She also emphasized her plans to introduce a new charter for the central bank that would guarantee its autonomy and establish key principles. According to her, this includes never issuing money or taking money from the central bank to provide for the state, which she likened to a “Pacman” that consumes everything in its path.
Bullrich, representing the main conservative opposition coalition, is currently engaged in a three-way race for the presidency. Her competitors are outsider radical Javier Milei, who ultimately aims to abolish the central bank, and Peronist Economy Minister Sergio Massa.
Reported by Eliana Raszewski and written by Adam Jourdan, this article has been edited by Rosalba O’Brien.
Credit: The Star : News Feed
