Amid the increasingly pronounced lack of foreign currency, the central bank sold $48 million on Friday and shed $228 million so far this week.
The sales of the Central deepen the fall of reserves that stand at US $ 32,500 million, in a trickle that does not stop and that this week had a greater loss for the US $ 150 million that the Central was forced to sell to Córdoba so that the province can pay its debts.
The government had tried to force the provinces to pay their debts using their own dollars or to refinance commitments. But the Mediterranean province appealed to the courts and obtained a ruling in favor.
According to the consultancy LCG, reserves also fell due to the depreciation of the yuan, which subtracted about US $ 80 million from the valuation of the swap with China (which makes up gross reserves), while the outflow of deposits in dollars (reserves) subtracted another US $ 50 million in the week.
So far in June, despite the lack of foreign currency and the political turbulence, enhanced this Friday with the version that Sergio Massa could leave the ministry in the middle of his struggle for there to be a single candidate of the ruling party for the PASO, the stability of the exchange market was maintained.
In fact, since June began, the one that rose the most is the official dollar, with a jump of 2.3%.
Financial dollars rose 1.5% on the week. In this round the spot with liqui increased 0.3% to $ 500.3, while the MEP ended at $ 473.5, with a retraction of 0.1%, while the blue dollar fell one peso, to $ 483. So far this month he has given up seven pesos.
The stability of the foreign exchange market was achieved thanks to the continuous interventions of the Government, buying and selling bonds to keep the financial dollars on their feet.
From Aurum Valores they estimate that the exchange intervention since April 14 would already add up to about US $ 1,500 million. The pace of the last three weeks would be around US $ 45 million per day to accompany a rise in the MEP of about $ 10 average per week.
"In a week without a soybean dollar, agriculture liquidated less than US $ 100 million, the pace of devaluation was increased to 8% per month (tying with the Leliq rate), and the BCRA returned to sell reserves. The government will have to take new measures so as not to stretch this selling position, with negative reserves of US$ 1.400 billion," said Fernando Marull, director of FMyA.
"With BCRA losing reserves, today the Government endures with the swap with China, and forces companies to take debt. Next week the government will meet with the IMF to define if there will be "progress", and what degree of management it will have, "says FMyA.
For now, the agreement with the IMF remains stuck, with no certain date for Massa to travel to Washington or clear signs that the agency will advance the $10.800 billion that the Argentine government expects.
With reserves in the red, Argentina will have to face in two weeks a maturity with the IMF of US $ 2700 million. The Government is confident that the situation with the agency will be released by then and can be paid without jeopardizing the current agreement.