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The red does not stop: the Central Bank sold US$ 261 million, activated the swap and has already spent more than US$ 2,200 million this year

2023-03-20T20:08:49.702Z


The agency has already sold more than US$ 1.3 billion this month and accumulates a red of more than US$ 2.2 billion, in the worst start to the year in terms of reserve accumulation since the end of convertibility.


The fragility of the reserves was accentuated this Monday when the Central Bank ended the exchange wheel with a red of

US$ 261 million

.

The agency has already sold more than US$ 1.3 billion this month and accumulates

a red of more than US$ 2.2 billion

, in the worst start to the year in terms of reserve accumulation since the end of convertibility.

In this context, the blue dollar advanced three pesos and

ended at $386, equaling the highest price of the year, on January 31.

For their part, financial dollars remained stable, with the MEP at $387.2 and cash with liquid at $403.4-

According to sources from the economic team, sales this Monday were partly offset by income of

US$285 million

from loans already agreed with CAF and BICE.

"The credits enter the RRII without going through the market, that's why the selling balance in the Mulc", they explained.

Like last week, the sales in the Central exchange market were not to supply import demand, but to assist provinces and companies bought dollars to meet financial commitments.

"YPF accessed the market for 20 million for the payment of an ON, Santa Fe for 26 million for a bond from the province and Enarsa for 262 million for the advance payment of LNG," said the sources consulted. 

"These payments were expected to be made and do not alter the BCRA's forecast for the first quarter of the year," they assured.

In the midst of the negotiations with the IMF for the payment of the maturities scheduled for this month,

the Central also made effective the exchange of currencies with China, -swap- for US$ 3,000 million.

"In these days, before the end of the month,

a fourth disbursement of one billion dollars should enter

. And there remains a last disbursement that will surely be in April," they detailed in the Government.

This amount is part of the US$18.5 billion swap agreed with China, of which it was announced that US$5 billion would be

"freely available"

.

That is to say, always from the official version, these operations "do not alter the level of RRII but rather

provide liquidity for interventions in the exchange market

".

The operations of the organization chaired by Miguel Pesce take place within the framework of a significant drop in net reserves, mainly caused by the advancement of agricultural liquidations to December of last year due to the "soybean dollar 2" program and in the context of the worst drought in the last 14 years, which jeopardizes future income.

"As can be seen, the Central Bank has a flow problem," PPI analysts said.

According to his estimates,

in the last 43 rounds the agency has already sold almost US$2.5 billion

, a negative balance that is only surpassed by sales prior to the October 2020 crisis, which had totaled US$2.94 billion.

While

the exchange rate unfolding rumors gain strength,

the economic team highlighted that the disbursements of dollars that were computed this Monday, and that had already been announced by Sergio Massa at the beginning of the month, "are entering the Reserves and are freely available ".

At the same time, they anticipated that: "for companies that trade with China in local currencies, that is, that pay in yuan,

the possibility of changing payment terms is being evaluated

. "

AQ

look too

Reserves: the Government postpones the payment to the IMF of US$ 2,680 million until the end of the month

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Source: clarin

All business articles on 2023-03-20

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