In a round with a slight improvement in the traded volume -about USD 33 million or 9%-, which reached USD 404.4 million in the cash segment, the Central Bank acquired about USD 57 milliona reduced amount if one takes into account that it freed up the rest of the demand for some USD 347 million or 86% of the total operated.
The monetary entity accumulates a balance in favor for its exchange intervention of USD 3,186 million so far in April, in the sixth month with positive results. In the absence of three rounds of business in the wholesale market, this balance already exceeds the net purchases of February (USD 2,357 million) and March (USD 2,882 million).
Since Monday, December 11, after the inauguration of Javier Milei, the monetary entity carried out net purchases of 14,606 million of dollars. The Central only made sales in three operational rounds starting on December 11 – and the one on Friday the 19th was the only one with a neutral balance – since Santiago Bausili assumed the presidency of the organization.
On the other hand, the Bookings international markets ended with a rise of USD 78 million, USD 30,095 million, to once again exceed USD 30,000 million, something that had not happened since June 29 of last year (USD 30,785 million), about ten months ago. Gross reserves improve under the administration of La Libertad Avanza by USD 8,887 million (+41.9%) from USD 21,208 million on December 7.
“It is difficult for the countryside to liquidate what the government needs. May is the key month, the tax pressure is high, withholdings and country tax are the executioners,” said the analyst and business advisor. Salvador Di Stefano.
“The field is delaying the liquidation of the harvest, although it is true that there were climatic and logistical problems, with a soybean harvest that is expected to be 50 million tons, sales of 12.8 million tons are recorded, and of that total only 3.6 million tons with price. It is clear that the rural man is dissatisfied with the price of soybeans, the withholdings imposed by the government, the country tax, the exchange rate, the price of inputs, and that of agricultural machinery. In short, he is under-profitable and very angry,” Di Stefano added.
“Beyond the fluctuations imposed by the volumes operated on the BCRA’s purchasing pace, operators remain confident that the next acceleration of liquidations will result in a more vigorous accumulation of reserves in the coming months. Thus, financial dollars remain calm, and with no prospect of raising their heads in the short term in the face of a scenario of excess supply of foreign currency, even though another cut in the BCRA rate arrived based on signs of a slower pace of inflation. , he explained Gustavo Bereconomist at Estudio Ber.
He central bank reported this noon that lowered the reference rate to 60% annually, from a previous level of 70%, due to the improvement in the country’s economic expectations. This is the fourth cut in reference rates since Javier Milei came to the Government, and the second reduction in yields during April, since two weeks ago it contracted this rate to 70%, compared to 80% previously.
A monetary policy rate of 60% nominal annual is equivalent to a annual effective rate of 81.2% by compound interest, that is, with the permanent reinvestment of capital and interest day by day for a year. This rate indexes the remunerated liabilities of the Central Bank, mainly the Passive Repos that are placed with banks and which constitute the support for clients’ fixed-term deposits.
