In the context of
falling reserves
and collection capacity and, faced with a market that is increasingly reluctant to continue financing the needs of the Treasury, the Government once again turned to the Central Bank
for a lifeline
.
Last Friday, for
the first time
since the beginning of the year, the organization chaired by Miguel Pesce
sent the Treasury $130,000 million.
According to market sources, this shift will not have a monetary effect for now.
However, it
is just below the ceiling
for transitory advances agreed with the Monetary Fund for this first quarter, set at $139.300 million.
Although the reserve accumulation goals were made more flexible this month, those that have to do with monetary matters
remained unchanged.
In this way, the Government also promised that the transfers from the Central Bank to the Treasury would not exceed $372,800 million in the second quarter, $651,400 million for September and $883,000 million accumulated in the year.
That is, 0.6% of GDP.
Last year, the Government had managed to exceed this goal, especially thanks to the fact that in the last quarter, since the arrival of Sergio Massa at the Palacio de Hacienda, the Treasury had not required monetary assistance from the Central Bank.
In this way, for at least eight months the Central did not have to issue pesos to finance spending.
The good performance in the debt market in pesos had allowed the Treasury to dispense with this type of aid, but the
demands posed by the election year
in the context of lower tax collection due to the impact of the drought and in the face of a
debt market "closed" for placements after the presidential replacement,
forced to resort to the usual assistance.
In January and February, the
fiscal deficit jumped
and the public accounts accumulated a red of $432,000 million.
In this context and for the first time in the year, the Government used direct assistance from the Central Bank.
In the market they believe that liquidity needs remain high this month, so they do not rule out new turns.
Delphos analysts pointed out that this is
a "bad sign within the
current sea of uncertainty, denoting the lack of
Treasury
cash
that led it to implement this complex debt operation that is basically nothing more nor less than an issue of Bonares in order to obtain fresh financing to cover the fiscal gap".
NE
look also
What do the two decrees say to exchange bonds in dollars from the ANSeS and other public organizations
Debt swap: The IMF calls for "prudent" management and that the measures "do not add vulnerabilities in the future"