The BCRA does not stop losing reserves: it sold another US$170 million today

The Central Bank (BCRA) today lost another US$170 million of its meager reserves in market interventions to keep the rate of exchange adjustment under controla slip that increased slightly by letting it rise $0.31 to close at the wholesale level at $132.20 for sale (0.216%)

In this way, it had to contribute 38% of the US$446.3 million operated in the cash segment, which places its net holding of reserves at around US$1.7 billion. The This figure does not cover two weeks of imports and encourages speculation that, when the new Economy Minister Sergio Massa takes over, he will announce tomorrow some kind of improvement in the exchange rate offered for the countryside.ending up burying the failed attempt of the “soy dollar”.

“We believe it could offer a special dollar to this sector to encourage the liquidation of currencies,” he did not hesitate to point out in his weekly AdCap report.

bottom of pot

The curious thing about the case is that the strongly negative balance was recorded on a day in which the demand to meet energy payments would have fallen to US$70 million, the lowest amount in more than two weeks.

The BCRA has just closed last month losing some US$1,275 million in this type of interventionits worst balance in more than 20 months and the most devastating July – in this sense – since the MULC was established in 2002. Yesterday I started the current month losing another $110 million.

He also had between Friday and yesterday a drop of almost US$1.2 billion in its gross holding of reserves due to the sale of dollars to the market and payments to the IMF, which also left this holding just over $38 billion, its lowest level of reserves since mid-June despite the reinforcements received of that organism.

For now After the first two rounds of the month, the monetary authority recorded sales of almost US$300 million, “a level similar to that of the first days of July,” observed operator and analyst Gustavo Quintana, from PR Cambios.

This shows that both the renewed adjustments made to the stocks such as the incentive system to encourage the sale of grains did not bring any results.

And it explains the obsession shown by the designated minister to insert some “wedge” in the monetary entity, a place for which he promotes the economist Lisandro Cleri as vice president, as an announcement on Twitter, although from the BCRA they assure that they wait to know the presidential decrees to confirm it. Cleri was an advisor to former Minister Guzmán in the debt restructuring process and had previously worked in the area of ​​operations of the Anses Sustainability Guarantee Fund (FGS) during Diego Bossio’s administration.

In the meantime the market is still involved in a clearly unsustainable dynamic and of a situation that should try to reverse in the next few hours.

Hence, analysts already discount there will be “an increase in incentives for the marketing of grains”, explains Delphos Investment, who believes that this initiative could be accompanied by efforts to strengthen reserves by granting a “repo” (short-term loan obtained from foreign funds guaranteed by bonds).

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