Luis Caputo’s economic team bought again within the bands, in line with what the IMF demands and in the midst of pressures on the different exchange rate contributions.
Official sources confirmed to the scope that on Wednesday the treasure bought US $ 500 million with the weights he had in the Central Bank (BCRA). Due to this purchase, The gross reserves of the monetary authority climbed at US $ 491 million, to US $ 39,551 million.
This is part of the new strategy that the Ministry of Economy has to add currencies to its coffers. According to the minister, Luis Caputo, it is his wallet that has to swell his reservations to pay the debt, and not the BCRA.
At the moment, the main mechanism of this strategy is the “Block purchases”through which the government finds as a counterpart “great players” (as banks), willing to sell their tickets. Previously, two operations of this style had been observed, for US $ 200 million each.
From the economic team they emphasize that these purchases can be made effective Thanks to the fiscal surplus accumulated from the beginning of management. The latest available data indicate that the treasure pesos stock in the monetary authority was $ 13,642 billion.
In parallel, with this operation, the treasure also robust its account in dollars in that entity, which had fallen from the US $ 700 million recently after a debt payment.
Treasury and BCRA seek to reduce exchange pressure
The decision to swell reserves It does not seem accident in this context, in which the different contributions of the dollar have been reheating. The officer is already comfortably above the center of the flotation bands and the “Price” market that in the accumulated of July the increase will be 6%.
Faced with this scenario, the BCRA is intervening in the short contracts of the future dollar To contain the bullish pressures.
Meanwhile, the intervention in the fees in pesos, which had collapsed after the disarmament of Als Lefis, also intensified. On the one hand, the central reactivated the Passive passesreaching a 36% annual nominal. In tune, on this day economy he made a new tender of debt in local currency, in which he validated monthly effective rates (TEM) greater than 3%, something that was not observed a while ago.
Source: Ambito
