MercoPress. South Atlantic News Agency

Argentina's new Economy Minister sworn in

Batakis thanked CFK but not Alberto Fernández for her appointment

Argentina's newly-appointed Economy Minister, Silvina Batakis, made a brief statement to the press minutes after taking her oath of office, during which she vowed to stay on the present course of action left behind by her predecessor Martín Guzmán, who resigned Saturday.

Batakis said her work will be focused on three axes:

- A federal and inclusive perspective that includes everyone.
- Solvency on the part of the Argentine state through the strengthening of the local currency and the increase of exports.
- The creation of genuine jobs.

“This is the way forward,” Batakis said during a speech in which she took no questions.

For her appointment, Batakis also tanked Vice President Cristina Fernández de Kirchner (CFK), Productive Development Minister Daniel Scioli, and Interior Minister Wado De Pedro.

The new minister took over on a day on which the markets reacted negatively to her being chosen by President Alberto Fernández. In the informal market, the exchange rate closed at AR$ 260 / US$ 1 from Friday's 239-peso.

In the official version, the Argentine currency traded at 132.07 pesos per US dollar, a 1.04% fall from Friday's AR$ 130.69.

According to La Nación +, Argentina's Central Bank issued AR$ 280,000,000,000 Monday, which will result shortly in a deeper devaluation.

Batakis is said to have met with BCRA President Miguel Pesce early Monday before taking the oath of office.
Meanwhile, national union leaders convened at the CGT headquarters to decide the following steps by labor groupings in a scenario of employment uncertainty but, most of all, of salaries trailing inflation.

A report from the National Institute of Statistics and Census (Indec) released during the weekend showed that the Wage Index registered a 5% monthly increase in April, 58.4% year-on-year, and an accumulated increase of 20.6% in the first four months of 2022, which meant that earnings fell 6% against the Consumer Price Index (CPI).