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Tuesday, December 6, 2022

In October there was a monetary expansion of almost $200,000 million

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Last month, the purchase of sovereign bonds in pesos would explain most of the issuance that is channeled into the “Others” concept, which was almost $183.4 billion. So between interest and bond purchases, the BCRA issued more than $622,000 million. What did you do to suck up most of this issue? As usual, he resorted to the only instruments available to balance the liquidity of the system, the Bills and the Passes. Through the Letters it absorbed $38,300 million plus another $273,000 million via Passes. But in addition, last month the public sector played in favor since it was a contractionary factor in more than $43,250 million.

This was possible because with surplus Treasury deposits in the BCRA, it acquired foreign currency from the monetary entity. And finally, the foreign exchange market was clearly contractive since the BCRA sold foreign currency, not only to the Treasury, but also to the private sector for the equivalent of $68.2 billion. In this way, the balance for the month showed an expansion of $199,840 million. In terms of factors, the exchange rate was contractive by $282.2 billion, the public sector was expansive by $170.7 billion gross, the financial sector was expansive by $128 billion plus $183.4 billion in “Others”.

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The correlate of all this was an increase in the stock of interest-bearing debt (Leliq, Passes and other bills) of $330.5 billion, which brought it to a total of almost $8.9 trillion. This debt already represents 207% of the monetary base. Therefore, between the base and the remunerated monetary liabilities, the mountain of pesos issued is $13.2 trillion.

currency shards

There were also splinters on the side of the reserves that last month rose $1,051 million thanks to the disbursement of the International Monetary Fund (IMF) that turned $3,854 million on the 11th due to the third review of the current program approved by the board chaired by Kristalina Georgiev. However, a large part of these currencies left again very quickly, precisely because they went to cancel commitments and maturities with international financial organizations, including the IMF itself. But also net sales, although they were a good contracting factor for the base, accelerated in the last part of the month and left a negative balance of almost US$500 million. At the end of the month, the International Organizations channel left a positive balance of US$1,765 million, which was offset not only by foreign currency sales to the domestic market but also by other public sector operations that implied a drop of US$103 million more. another US$294 million from other transactions such as swaps, etc. Lastly, in October the reserve requirements of Argendollars showed a rise of US$181 million linked to the recovery of private deposits in dollars.

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Source: Ambito

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