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ECONOMY | 04-11-2019 09:24

Alberto Fernández supports capital controls, La Nación says

Capital controls, meant to prevent a further drop in reserves, have “managed to avoid the bleeding,” an unnamed source close to Alberto Fernández tells La Nación daily.

Argentina's President-elect Alberto Fernández supports the recent capital control measures taken by the outgoing government, according to reports.

The capital controls, meant to prevent a further drop in reserves, have “managed to avoid the bleeding,” according to an unnamed source quoted in local daily La Nación, who wasn't identified by the newspaper.

Still, Fernandez hasn't publicly announced his support for the measures introduced by his political opponent.

The measures came as the peso slumped 25 percent to a record low following Fernández's victory over President Mauricio Macri in the August PASO primaries. He went on to defeat the incumbent a week ago.

La Nación also reported that Fernández and outgoing President Mauricio Macri spoke on the phone in the middle of the week in their second meeting since the general elections. Fernández is seeking a transition with as little drama as possible.

“He celebrates having achieved a good dialogue with Macri” even at the end of the president's term, the newspaper said, citing an official.

A spokesman for Fernández didn't immediately respond to a text message seeking comment.

Fernández was scheduled to meet with Mexican President Andrés Manuel López Obrador on Sunday in his first international trip after the election. The visit, where he'll be accompanied by his economic adviser Matías Kulfas, will help boost commercial ties between the two countries.

On Monday, Fernández will hold a private meeting with billionaire Carlos Slim – Latin America's richest person – before they both attend a dinner with Mexican business leaders.

The US may be Fernández's first destination as president, but it's not yet confirmed, La Nación said. In a phone conversation with US President Donald Trump on Thursday, both men exchanged wishes to meet soon, officials said.

– BLOOMBERG

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