One of the factors that explains the bleeding has to do with the demand for dollars for energy imports, a figure that on the last day reached US$100 million. Thus, in seven consecutive days, the BCRA’s reserves shed some US$950 million.
“The demand to meet the payment of energy and fuel imports was today in the order of US$100 million, justifying a large part of the official negative balance of the date,” explained the analyst. Gustavo Quintana and added that during August “The monetary authority added sales for some US$580 million.”
When comparing with the first week of July, it is observed that it is located above said record. For Quintana, it is “the worst result for a beginning of the month in a long time”.
“Pending the implementation of the measures derived from yesterday’s announcements, the current scenario of the foreign exchange market remains unchanged, requiring continued official assistance to balance the imbalance exhibited between the supply and demand of foreign currency,” he said. .
Strengthen reserves, one of Sergio Massa’s objectives
The concern haunts not only the corridors of the BCRA but also the Ministry of Economy. Own Serge Massa, After being sworn in as head of the economic portfolio, he announced a series of measures, among which are those linked to the strengthening of reserves.
In this regard, the new minister announced a commitment of sectors of agriculture, mining, hydrocarbons and fishing, among others, which in the next 60 days will liquidate a total of US $ 5,000 million. “We have agreed an advance on exports, with the value chains of fishing, agriculture, mining and others, which will enter in the next 60 days for a total of 5,000 million dollars, which will go on to increase the reserves of the BCRA ”, he reported.
In addition, he announced that they hope to obtain credits from international organizations to strengthen the reserves. will be “disbursement of 1.2 billion dollars with international organizations for current programs” and a new program Andean Development Corporation “for an additional 750 million dollars”.
On the other hand, four REPO offers are under study that will have the same objective, that is, to strengthen the BCRA’s coffers, but also to repurchase sovereign debt. According to Massa, it is “three international financial institutions and a sovereign fund.”
In this way, the Tigrense hopes to obtain a total of US$7,000 million in the coming months to contain the loss of reserves and avoid a devaluation of the currency at all costs. At the same time, the arrival of spring and consequently the rise in temperatures could help curb the demand for energy imports, key to containing the outflow of foreign currency.
Source: Ambito
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