Juan Manuel Barca
08/02/2021 19:14
Clarín.com
Economy
Updated 08/02/2021 19:14
Central Bank reserves added further pressure on Monday with the payment of US $ 334 million to the IMF
.
The commitment corresponds to interests that expired this Sunday and will be the last one that will demand genuine foreign exchange in the remainder of the year, since from now on the maturities will be paid with the special drawing rights (SDR) that will arrive at the end of the month.
Last week the BCRA transferred US $ 225 million to the Paris Club, the first of the two installments agreed with these creditors to avoid a default for not paying a debt of US $ 2.4 billion in July. And today the operation with the Fund will conclude. "
The process began last week and ends today during the course of the day, everything is done and it is US $ 334 million,
" confirmed sources from the Palacio de Hacienda.
In the last week of July, the Central shed US $ 400 million due to the payment to the Paris Club, but also due to sales in the exchange market to calm the dollar, in what were the first interventions of the monetary authority since April. With these expenditures,
the reserves closed last month at US $ 42,582 million
, consuming part of the purchases of dollars by the entity.
"July closes with an increase in reserves of US $ 230 million, but the decrease of
the last week took almost 7 out of every 10 dollars added at the beginning of the month. Net reserves stood at $ 8,600 million at the end of the seventh month of the month. year,
"said a report from the consulting firm LCG. The result reflects the beginning of a second semester with strong tensions due to the rise in the blue and financial dollars, to which are added the debt commitments.
Within this framework,
the Minister of Economy, Martín Guzmán, acknowledged this Monday that "the scarcest resource is dollars
.
"
"We need foreign exchange to grow and generate employment," he said at a campaign event in Cañuelas. He also said in the last hours that "Argentina does not have the ability to pay to face the debt with the International Monetary Fund (IMF), so it needs more time."
Now, the Government awaits
the arrival of fresh funds
at the end of August from the distribution of US $ 650,000 million SDR to the member countries of the Fund, a decision that will
be finalized on Monday
.
Of this total,
Argentina will receive US $ 4,350 million
based on its share in the organization, which will serve to increase reserves momentarily.
The SDR is an international reserve asset created in 1969 by the IMF and is used as a unit of account by the Fund and some other international organizations.
Its value comes from a basket of five currencies: the US dollar, the euro, the Chinese renminbi, the Japanese yen, and the British pound.
With these resources, the first capital maturity of US $ 1,880 million will be paid in September for the Stand By
signed under the management of Mauricio Macri for US $ 44,000 million and which today amounts to US $ 45,400 million. Guzmán defined it this way after the wink of Cristina Kirchner, who weeks ago closed the intern with an official sector that asked her to use the SDR in pandemic expenses.
Submerged in the campaign, the Government now seeks to clear the expectations of default and renewed devaluation after the latest restrictions on financial dollars.
"The US $ 45,000 million from the IMF will begin to be paid on September 22, 2021," Guzmán confirmed this Monday
. Then, on November 1, interest for US $ 370 million will be due and on December 30, another capital payment for US $ 1,880 million.
The reserves will also come under pressure after the elections.
Without the momentum of the harvest dollars and the SDR item already exhausted, the country will face commitments for US $ 3,582 million in the first quarter of 2022. On the other hand, at the end of February the payment of the second installment to the Club will be due. from Paris, for $ 230 million.
And before March 31, the Extended Facilities agreement with the Fund would have to be closed.
Look also
Blue dollar at $ 180: with the rebound of the informal, purchases of savings dollar increased again
IMF loan: almost US $ 3.8 billion has already been paid for interest alone