Despite the fact that the BCRA has a positive balance due to the liquidation of foreign currency, the reserves are down due to the commitments made by the government.
Since Tuesday, they fell from $38.331 million to $36.139 million.
The gross reserves of the Central Bank cut an eleven-wheel streak on Wednesday moving upwards, registering a drop of US$738 million. This Thursday another $1.4 billion fell.
One day before the launch of the soybean dollar, the reserves had hit a floor of US$36,577 million, their lowest level in 5 years and almost 11 months (to find a lower amount you have to go back to October 14 2016), which led the Government to rush, during the previous weekend, the launch of the incentive program for soybean exports.
In other words, it is a recovery process, which was supported by the urgent and necessary reconstitution of its own reserves.
Net reserves are the only ones that guarantee the entity a power of intervention on the market and would open up the chance to better manage expectations.
BCRA purchases allowed the country to cover the gap between payments and reimbursements in the refinancing program with the IMF.
In fact, the decline will be reversed in a few days, when a disbursement of some US$3.9 billion arrives from the agency.
Source: Ambito
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