Argentina is likely to face some devaluation of its currency at the same time it is expected to become a more open economy, as the end of the country’s elections near, steel industry executives said this week during Latin America’s steel conference in Buenos Aires, held from November 10-11.
“Is there a delay in the [devaluation of the] Argentinian currency? Yes, there’s [some], according to economists. The discussion has been whether [this expected devaluation] will happen rapidly or in a gradual way,” said Martin Berardi, president of Alacero, while talking to reporters in Buenos Aires.
The executive said such an unbalance will be adjusted at some point; however, it won’t solve the issue of the Chinese exports of steel to the country.
“We’re just a few days away from the presidential elections, and with whoever wins the race, we expect a more centered on exports policy,” said José Giraudo, executive director at Argentina’s Acindar, while commenting the situation of the country’s steel industry at a panel with other Latin American CEOs.