Guillermo Moreno: “Inflation is the one that officially the government is measuring”

Buenos Aires, October 19, 2012
________________________________________________________

The Secretary of Commerce gave an interview to the magazine Extraordinary Congress of the Communist Party, who said that high inflation spread by consulting seeks to benefit the banks, charging “usurious” interest rates.

“As banks consultants continue noting that inflation is between 30% and 35%, customer-or-banks can charge businesses a 40% interest rate, so if inflation is 35% and I charge you 40% apparently, I’m gaining some interest rate. Now, if the interest rate is 40% and inflation is 10%, the rate I’m gaining is usury,” said Moreno.

“So their spokesmen, from the IMF, the consultants and the banks themselves are still trying to be, somewhere, the beneficiaries of this scheme. That’s the speech they are having. At higher inflation, they can charge higher interest.”

Despite growing criticism in the measurement of the Consumer Price Index, Guillermo Moreno confirmed that the figures released by INDEC are truthful.

“The President was very clear when she said that a country is unmanageable with inflation above 15, 18 or 20%. Inflation is what the government officially is being measured in some sectors may be greater than or smaller, the average is this course we are taking,” he said, and exemplified the meat deals offered by supermarkets during weekends maintaining the values of 2010.