The deterioration of fiscal accounts, despite the commitments agreed with the Fund, force the BCRA to go to the aid of the Treasury, now, on a more recurring basis. Since the beginning of June, the BCRA began to transfer funds to the Treasury via Temporary Advances (ATN). It was $124,000 million on the 3rd. A week later, already in the midst of the shocks that the domestic market was experiencing due to the noise surrounding the public debt in pesos, it returned to the Treasury on the 10th with another $108,000 million (latest official data ). In this way, so far this month, it already accumulates $232,000 million of new ATN for the Treasury, raising the total stock of ATN in the BCRA to more than $2,463 billion (which represents almost 63% of the monetary base). A year ago they totaled $1,448 billion. It should be remembered that last month the BCRA, through a device, made the Treasury pay ATN with part of the SDRs it received from the IMF. Official records show that on the last day of last month, the Treasury sold part of the SDRs to the BCRA, in its equivalent in dollars in exchange for pesos ($322,449 million). And those funds were destined to cancel precisely $322,449 million from ATN, in order to recover capacity to continue receiving assistance from the BCRA without violating the agreement with the Fund.
Source: Ambito
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