During the week, the Central Bank added purchases for USD 800 million in the market

During the week, the Central Bank added purchases for USD 800 million in the market
During the week, the Central Bank added purchases for USD 800 million in the market

The headquarters of the Central Bank, in downtown Buenos Aires. (REUTERS/Agustin Marcarian/File Photo)

With an amount of operations that was normalized in the wholesale market, and that reached USD 432.4 million in the cash segment, the Central Bank bought USD 228 million through its exchange intervention. In this way, the authority added a absorption of USD 802 million in the week.

The entity raised the absorption of foreign currency to USD 1,107 million in the first tranche of May. Since Monday, December 11, BCRA made net purchases for USD 15,860 million in five months. The entity only made sales in four operational wheels during that period since Santiago Bausili assumed the presidency of the organization.

On the other hand, the international reserves gained USD 324 million or 1.2%to $28.36 billion. Under the administration of La Libertad Avanza this stock increases by USD 7,152 million (+33.7%) from USD 21,208 million on Thursday, December 7.

“Beyond the temporary effects that the general strike may have, in the last rounds a greater rate of liquidations and therefore of BCRA purchases has already been detected, foreseeable given that after the delay sales of the harvest were about to start. . That is why tranquility is spreading among financial dollars, even with a downward bias from the greater participation of the ‘blend’, which anticipates in the current economic-financial context that the exchange rate appreciation process would continue in the short term. “, he indicated Gustavo Bereconomist at Estudio Ber.

“The rush to liquefy remunerated liabilities and ‘destroy’ the quasi-fiscal by lowering rates, slowing the dollar, and encouraging banks to get out of BCRA debt and finance the Treasury with indexed instruments and PUT, increases dependence on the Cepo. Put in numbers, remunerated liabilities fell at today’s prices from $57 billion in December to $34 billion, although simultaneously the PUTs sold amount to $19 billion – practically half of the Treasury’s debt in pesos, which is also indexed. Let us remember that PUTs are the option that banks have to sell the peso bonds in their portfolio to the BCRA at the price of the previous day,” the consulting firm stated. EcoGo.

Meanwhile, the global association of banks International Institute of Finance (IIF) issued a complete report in which it addressed the first advances in economic management. where he calculated that the Government will need to accumulate another USD 10,000 million in the international reserves of the Central Bank to be in a position to lift the exchange rate.

In its seventh tender, the BCRA placed USD 1,709 million of Series 3 of the Bopreal (Bonds for the Reconstruction of a Free Argentina). In this way, the total amount accumulated with this issue reached USD 2,905 million, leaving USD 95 million to complete Series 3. In this case, bids were received for USD 69 million from companies with import debts and USD 1,640 million for transfer of utilities. “It is the second highest daily placement of all the Bopreal”, stated the economist Salvador VitelliHead of Research at Romano Group.

“In this tender, participation was enabled for the first time to legal entities that wanted to distribute profits and/or dividends to non-resident shareholders, a concept that required prior approval from the BCRA for access to the Free Exchange Market (MLC) since September 2019″, reported the monetary authority. With the modifications carried out, and the need to dismantle restrictions in a controlled manner, the BCRA authorized and managed to channel the tenders that in the last calls had been poor, given that series 3 is the one that offers the least incentives.

The Central reported through its financial statement report that between June and July the equivalent of almost USD 4.9 billion corresponding to the tranche of ““swap” with China used in 2023. Given the impossibility of meeting these commitments, the Argentine Government is holding talks to achieve refinancing, according to sources from the official economic team consulted by Infobae.

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