The BCRA began the week with purchases for USD 47 million in the exchange market

The BCRA began the week with purchases for USD 47 million in the exchange market
The BCRA began the week with purchases for USD 47 million in the exchange market

In June the BCRA sold foreign currency in six of the 14 operational rounds. (EFE/ André Coelho)

In a wholesale session with business for USD 331.3 million in the cash segment, the BCRA resumed the purchasing initiative and earned USD 47 million for its exchange intervention. In the June balance sheet, the entity maintains a purchasing result of 72 million dollars.

The Bookings The BCRA’s gross international income decreased by USD 239 million, 29,705 million dollars. Sources from the monetary authority indicated Infobae that on the day “there was some minor (debt) payment, but we must take into account that T+1 is now being settled, it is impacting what was sold on Wednesday.”

It is worth remembering that as of May 27, the CNV (National Securities Commission) was aligned with the regulations of the SEC (Securities and Exchange Commission), the United States market regulatory body, and adapted the settlement period normal in the exchange market, which went from 48 hours (T+2) to 24 hours (T+1).

The Central Bank accumulates net purchases in the exchange market for USD 17,358 million since December 11 of last year, when the government of Javier Milei. At the same time, the stock of international reserves improved by USD 8,496 million or 40.1%, from USD 21,209 million on December 7, 2023.

“We consider that the pace of agricultural liquidation will not accelerate much more than the current level. The very low leverage cost – repos rate at 40% nominal annual – added to the prospect of exit from the stocks conspires against liquidation. The five-day moving average was at USD 132 million and the ten-day moving average at USD 123 million, both oscillating at the highs of the Milei administration, but below expected levels due to high seasonality,” the analysts from Personal Portfolio Investments.

“We emphasize that these figures could be somewhat inflated, since settlement would have been anticipated as there was only one business day last week – Tuesday was the only day that was operated in both Argentina and the US. On the demand side, beyond the energy import payments that have been channeling in recent days, IRSA could have accessed the MULC on Wednesday to pay principal and interest today on one of its Notes for around USD 36 million”, they indicated from Personal Portfolio.

Regarding the level of agricultural liquidations, what is happening in 2024 in the Chicago Market does not go unnoticed, where the prices of Argentina’s main export products fell by up to 11%, as in the case of soybeans. , at USD 428.80 per ton. In twelve months, oilseed accumulated a drop of 22% and corn, 31 percent.

“The international market, corn and soybeans are pressured by the good production prospects in the US, while wheat returned everything that had risen due to climatic improvements and good initial yield data in Russia,” he explained. Roman Danteprofessor and researcher at the Center for Agribusiness and Food of the Austral University.

“As long as we do not have a defined monetary and exchange policy, our impression is that the bonds in dollars and pesos adjusted for inflation will be adjusted taking into account the high inflation in dollars that will operate in the Argentine economy,” estimated the analyst and business advisor Salvador Di Stefano.

“One of the market’s doubts is whether or not the release of the stocks can cause some inflationary jump,” he stated. Pedro Siaba SerrateHead of Research & Strategy at Portfolio Personal Inversiones.

“Regarding the fact that in Deputies the simple majority necessary to support those fiscal issues relevant to the sustainability of the balance of public accounts would be achieved, attention is redirected towards a possible new program with the IMF that could provide fresh funds for the exit of the stocks. An eventual recalibration of the monetary and exchange scheme is also monitored in the new stage that opens for the Government, where it will have to manage economic challenges in the second semester, including the dynamics of reserves and disinflation as well as economic reactivation,” he evaluated. the Economist Gustavo Ber.

 
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