Business

The BCRA bought dollars but lost reserves, why?

This Friday he closed the week with purchases for $ 80 million, which is a very good figure, but he also lost $ 460 million for other reasons. This happened

This Friday, the BCRA bought US $ 80 million in the exchange market, according to sources of the economic team and, thus, ends a first week of the year in which every day he managed to pocket dollars with acquisitions for more than US $ 100 million, a very good figure for the beginning of 2022 and the month.

This year, the wheat harvest was very good.

What prompted purchases?

“This is good news because, if there is something that is scarce, it is foreign exchange and it may have to do with the liquidation of the fine harvest, which comes in handy these days, especially wheat, “the Head of Macroeconomics at Equilibra, Lorenzo Sigaut Gravina, assures iProfessional. In fact, according to official sources, only This week, which registered numbers below the previous one, a total of US $ 600 million was settled.

And Sigaut Gavina also mentions that the measures taken by the Federal Administration of Public Revenues (AFIP) to contain the overbilling of imports and other controls that were coming out may have some impact on the level of purchases of the BCRA.

In the same sense, the economist of Eco Go Sebastián Menescaldi emphasizes that “the prices of wheat and the quantities harvested are higher than last year “, which allows the Central to take advantage of to buy dollars in the last time.

In 2020, Martín Guzmán managed to restructure the debt with private bondholders.

In 2020, Martín Guzmán managed to restructure the debt with private bondholders.

What factor caused the reserves to fall?

However, Menescaldi warns that “although it is a good amount, the problem is that the reserves went down also for the payment of interest to the restructured bondholders “.

And it is that, on this same day, the BCRA had to disburse US $ 431.6 million to pay the first maturity of the debt restructuring carried out by the Treasury in 2020, which will run on Monday, January 9.

Thus, by order of the Treasury and the BCRA made payments for US $ 425 million and the equivalent of US $ 6.6 million in euros for the Global bonds GD – New York law – and GE – European legislation.

Likewise, that same day the payment of local bonds AL29, AL30 and AL35 will be made, so that in total the sum will be US $ 750 million, but what will really have a negative impact on reserves, according to analysts will be the amount turned abroad today because the rest is embedded within the financial system.

How are the reservations?

Consequently, Leonardo Svirsky, Sales and Trading of Bullmarket Brokers warns that “we must be attentive to how the reserves are after this payment”, which have been very affected in recent times and points out that the most pressing are the rumors about the delicate situation of net reserves.

For now, the BCRA reported a drop of US $ 344 million on the day of total reserves of the entity, which reached US $ 39,121 million at the end of the week. As Lorenzo Sigaut Gravina points out, this is a worrying situation if one takes into account that the BCRA has several maturities ahead of it in the remainder of the month.

“It must pay, in January 2022, in addition to the almost US $ 746 million to private companies, US $ 731 million to the International Monetary Fund (IMF) on January 28. They are almost US $ 1,500 million due in the month and there are almost no Special Drawing Rights (SDRs) left, that is, net reserves will drop when these maturities have to be paid, “the economist details. Also, on February 1, interest must be paid for US $ 365 million.

For this reason, in the coming weeks, the BCRA will do everything possible to continue buying dollars in the exchange market and, in this way, be able to cushion the impact of payments due. There will be the focus of Miguel Ángel Pesce, president of the entity.

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HELEN HERNANDEZ

Helen Hernandez is our best writer. Helen writes about social news and celebrity gossip. She loves watching movies since childhood. Email: Helen@oicanadian.com Phone : +1 281-333-2229

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