Strictly speaking, in the accumulated figure for the month, the BCRA ended up making net purchases (discounting payments for imports) of foreign currency for almost 5,000 million dollars. The measure made it possible to reinforce international reserves, even considering that funds for 2,590 million dollars were transferred to the IMF. These will be recovered in the coming weeks, once the Board formally approves the quarterly review under the current program.
For its part, a fact that was little discussed at the time is that the additional collection for withholdings that will be obtained as a result of the liquidations of the exporters will have two purposes. An important part will go to finance programs that stimulate the production and development of small and medium producers to the extent that they have not participated in sales with the “soybean dollar”, have sold more than 85% before the start of the program and have less of 200 ha. The Ministry of Agriculture will finance half of this program, oriented to the purchase of seeds and fertilizers. Another part of the withholdings will go to finance an extraordinary non-contributory monetary benefit of national scope for people in situations of extreme vulnerability.
Three days have passed since the measure was finalized and we can say that a battle against speculation could be won. It began in mid-June, with rumors of reprofiling, and continued in July and August, when the big media tried to generate a feeling of suffocation based on the depletion of reserves and an imminent and abrupt devaluation. . None of this happened.
The Program also had to withstand the attacks of those who tried to hinder the tool during its validity, and after the BCRA established limits to prevent purchases of foreign currency via MEP and CCL to those who had sold soybeans under the program (regulation that does not apply to human persons). Sales not only did not lose momentum, but even accelerated as the “window” enabled to sell the harvest at preferential prices was approaching.
We must not lose sight of the fact that the norm was added to another set of measures that were being implemented. And although they were not of such relevance in terms of magnitudes, they made it possible to stabilize expectations. The month of August had already closed with falling “alternative” dollar prices, the BCRA had ended up reducing its selling position in the official dollar futures market and made net purchases of dollars for 14 consecutive days. It was a preview of what would happen during the month of September.
To this evolution must be added the announced inflow of foreign exchange from international organizations, both the IDB and the World Bank. Also, as I already mentioned, the recovery of 3,900 million dollars of the payments that have been made to the IMF is expected.
In this way, the country is heading to strengthen international reserves, one of the pillars that must be resolved, among many other objectives that the Minister of Economy, Sergio Massa, raised in Parliament last Wednesday, during the presentation of the bill of Budget 2023.
National Deputy of the Front of All. President of the Solidarity Party.
Source: Ambito
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