The Government decided to recognize its direct intervention in the change market. Treasury operations had already been discovered by City analysts.
The Secretary of Finance, Pablo Quirno, confirmed through your account in social network X that The direct intervention on the official dollar within the flotation bands. The official announced that the national treasure from this day It will participate in the market -free market in order to “contribute to its liquidity and normal functioning.” But the truth is that, for almost a week, it was already speculated that The fall due to “drip” of the currency stock that the government has in the BCRA were due to an unstalled exchange intervention.
“The National Treasury announces that from the day of the date it will participate in the market -free market in order to contribute to its liquidity and normal operation”Quirno posted. And while the government assumes that only from this Tuesday they will begin to participate in that market, a report by the Consultant 1816which came out on Friday at the last minute argued that this could already be happening due to Recent movements in government deposits in the Central Bank.
In fact, Condo advanced these suspicions of the City when he reported last week that the “drip” of the treasure stock was unusual, which usually moves more abruptly due to the debt payments made to international credit organizations. It should be noted that so far alone The BCRA could intervene with sales in the official market when the dollar reached the ceiling of the flotation band, today around $ 1,467 (7.7% above the current contribution). According to market sources, The treasure has about US $ 1,700 million in the dollar account at the BCRA.
From rumors to confirmation: Treasury sells dollars
A report very consulted by the City highlighted, in the prelude to the weekend, which The dollar deposits that the Treasury has in the Central Bank began to fall against a similar rise in deposits in pesos. Finally, official sources indicated that “Public Inflore” currencies were being sold, this means that if an agency needed to buy dollars to pay any expiration, the treasure were offered directly instead of having to do it directly in the MULC.
With this announcement, explained the economist Lorenzo Sigauut Gravina A scopethe ruling is doing “what all governments do before the elections, which is to keep the dollar controlled so that inflation does not accelerate.” “The impression is that the Government, despite making the flotation bands, ends up using all possible instruments, the sale at subsidized future prices, the phenomenal rise in the interest rate and now even selling direct treasure dollars in the gear market“He stated.
The expert, before this, wondered if the announcement will serve to coordinate expectations or take as a weakness. “On the other hand, there was the Objective of accumulating net reservations that had to be more than US $ 3,000 million at the end of the year but that in the first review it was reduced to -U $ 3,000 million. Now the treasure not only does not buy in block or place debt, but start selling. The BCRA will reach the end of the elections having to accumulate more than US $ 7,000 million in two months. This implies breaking the goal of reservations and asking for a new Waiver, “he said and said that the Government must rever any of its economic policies.
For its part, the financial analyst Christian Buteralso in talk with this medium, he said that “This decision goes against what they have been saying from the moment zero”when they decided to implement a system of bands with exchange rate flotation. “I think it is a very bad sign from that point of view, that is, you are not believing in your own program, in your own monetary rule”he said and said that what they are looking for is for the dollar to reach the upper band and the BCRA has to sell currencies for several days in a row. “They were a bit offsyde having been discovered last week”hill.
Finally, for Outlier’s economist, Gabriel Caamañothis is not a good sign: “The BCRA does not accumulate and the Treasury threatens to start selling how little he accumulated. I don’t think bonds like the country. Anyway, what we already knew, the priority is the official exchange rate. “
Source: Ambito
