The Board of Directors Banco central approved the financial statements of 2024, which showed an improvement in the entity’s net assets, with a 56% decrease in their liabilities by The elimination of the Leliq and an improvement in International reserves.
During the last year, the BCRA said to have achieved one of its key objectives such as the recomposition of its net assets. This result was possible thanks to prudent fiscal and monetary management, which included the restriction of net financing to the Treasury and the suspension of passive pass operations from July 2024, the entity said. As part of this strategy, the broadcast associated with paid liabilities was eliminated.
Exercise 2024 concluded with a gain of $ 19.4 billionwhich represented a reversion Significant against the loss of $ 9.4 billion recorded in 2023. This improvement is attributed to several factors, among which the highest income from public titles, driven by an improvement in the price of instruments in portfolio, and the reduction of interest expenses due to the cancellation of remunerated liabilities stand out. Likewise, the BCRA did not require accounting adjustments for non -transferable letters, which contributed to the improvement in the results.
He Net Heritage reached a total of $ 23.4 billion at the end of 2024, which implied an increase in 484% In relation to the previous year. In terms of assetsthe BCRA experienced a decrease in 46%reaching a total of $ 116.7 billion at the end of the year. This fall is due to the reduction of public titles and the low intervention in the subscription of Treasury Bonds. The decrease in rights for pass operations was also highlighted, as a result of the suspension of this modality as an instrument of liquidity administration of the banking system.
Regarding the International reservesthe report indicated that these increased a 28% In dollars, although in pesos they experienced a decrease of 25 percent. This variation reflects the effects of weight depreciation and exchange market conditions, which also impacted the financial results of the BCRA.
As for the passivea decrease in 56%reaching the $ 93.2 billion. The main causes of this reduction include the cancellation of liabilities linked to the LELIQ, the decrease in passing obligations and the cancellation of credit facility with the Bank of International Payments. However, these descents were partially counteracted by the increase in national government deposits and the expansion of the monetary base.
One of the highlights in the report was the resolution agreed in July 2024 with the financial entities, in which contracts of liquidity options issued on certain public titles were rescued, which allowed to reduce a contingent liabilities of $ 26.7 billion to $ 5.7 billion for the closing of the year.
The BCRA Board of Directors also decided to rebuild capital levels and reserves prior to the loss recorded in 2023, with an allocation of $ 7.7 billion to compensate for losses caused by assets of assets under current accounting criteria. The remaining sum, of $ 11.7 billion, was made available to the National Government, as established in the Organic Charter of the BCRA.
As for the projections for exercise 2025, the BCRA expressed its intention to continue with the process of sanitation of its balance sheet, with the aim of improving the quality of its assets. This effort seeks to ensure that the entity has the necessary tools to meet the objectives established in its Organic Charter.
“The BCRA will seek to continue sanitizing its balance sheet through the improvement of the quality of its assets, so that they allow it to have effective tools to pursue the objectives established in its Organic Charter,” said the official statement of the Central Bank.
In the next few days, although the calendar is not yet planned exactly, the Ministry of Economy and the Central Bank will specify the repurchase operation of INTRANSFERIBLE LETTERS of the Treasury, issued in recent almost 20 years by the Palace of Finance towards the monetary authority and will be rescued with the dollars sent by the Monetary Fund last week.
Official sources mentioned that this mechanism of administration of the intra state debt could be carried out this week or, no later than next week. The Government would thus use the USD 12,000 million turned by the IMF to repurchase the letters in question, which have no possibility of being negotiated in the secondary market and that pay a very slight interest in favor of the BCRA. With those letters, since 2006 the governments used dollars held by the central to cancel treasure debt.
Private estimates calculate that there is a stock of USD 69.3 billion of non -transferable letters issued by the Treasury, but the accounting of the BCRA of those same instruments is much lower, close to the USD 23,500 million. The reconsideration of the value made by the BCRA in mid -2024 includes a recovery value much lower than the nominal value of that letter.
