In this regard, the IMF reported that it reached an agreement on meeting the goals for the second quarter of the year with Argentina, which enables the disbursement of 3,000 million in Special Drawing Rights (SDR), the currency of the international organization.
Nevertheless, The Central Bank already has in its possession this month something more than US$3 billion in net reserves, which it managed to accumulate thanks to the so-called “soybean dollar.”
According to estimates from the administrator Adcap Grupo Financiero, in the first 16 days of the month the monetary entity managed to collect US$2,154 million, due to the differential exchange rate scheme for the field. With this, the so-called Gross Reserves of the Central Bank rose to US$37,915 million.
Private estimates indicated that out of the total dollars that cereal exporters are liquidating, the BCRA manages to keep a buying balance of 60%, for which, of the total of US$5,000 million agreed with the Minister of the Economy, Sergio Massa, some US$3,000 million would remain clear.
Meanwhile, according to data from the Congressional Budget Office (OPC), Argentina has to meet maturities in foreign currency in September for a total of US$4,082 million.
On September 2, an intra-public sector letter expired, automatically renewed, for US$1,115 million; on the 30th, bonds in euros and dollars for US$11 million and, throughout the month on different dates, with multilateral organizations for US$334 million.
Last week, Massa, on his trip to the United States, began to clear the horizon with the IMF during the tour he carried out where he showed the Government’s commitment to strictly comply with the objectives of the understanding, in fiscal matters, emission currency and financing in the local market of the primary deficit.
At the end of October, Massa and Pesce are going to have to show the credit institution that they managed to gather net reserves of US$6.725 million, which enables market operators to think that the soybean dollar scheme, which expires on September 30be extended to the following month, to which new measures would be added, such as the dollar for tourism and the possible expansion of the special exchange rate for other sectors.
Source: Ambito
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