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Economy prepares improvement in offer for the next tender (seeks to seduce provinces)

Economy prepares improvement in offer for the next tender (seeks to seduce provinces)

The Treasury will again ask the governors to officiate as a roundup for the Treasury. According to a report by the consulting firm 1816 based on data from the Central Bank, the provinces have a total of $1.5 trillion deposited in banks, of which $385,406 million are in fixed terms and the rest in sight accounts. By your side, the municipalities have another $348,000 million, $180,501 million in fixed terms and the rest in checking accounts.

Meanwhile, decentralized entities report $589,000 million, of which $163,000 are in a fixed term and State companies have $692,000 million, with $128,000 in a fixed term.

The aspiration of the Ministry of Economy is that there are funds that enter into some letter of the federal government as some provinces did in the last call in November, when the rollover level reached only 84%. Similarly, fMarket sources consider that there is a fear among the provinces to lend to the Nation, because they see a risk of “eternal rollover”.

Beyond that, in December there is a higher seasonal demand for pesos due to the year-end closure and the payment of bonuses for employees of the public sector and companies, so that plays against the needs of the Government.

For the banks, meanwhile, the debt scenario in pesos is not like that of 2019 when the outgoing government of Mauricio Macri declared a “reprofiling” maturities at the end of the management. Juan Marotta, president of HSBC, told a group of journalists that unlike at that time, when there was no stock on the dollar, “today the pesos have no way out.”. And he explained that the money at the end of the journey ends up in Treasury bills or the Leliqs of the BCRA. “It’s a big difference,” explained the manager.

In that sense. the consulting firm Ecolatina stated in a report that looking at the December tender “The weak results in the November tenders showed that the outlook still does not show signs of improvement.”

“November ended with negative net funding of almost $2.5bn (99% rollover), the worst since April (90% rollover)”, says Ecolatina. The entity’s report indicates that “net financing averaged less than $37,000 million for the last two-month period (rollover of 105%) when for the third quarter it was above $350,000 million per month (rollover of 224%).”

The private report indicates that “the government will probably use alternative financing in December, which implies pouring more pesos into the economy.” For the consultant Economy “could use part of its deposits in the BCRA, sell SDRs, sell dollars received from the IDB or invite provinces and municipalities to increase their participation in tenders.”

Source: Ambito

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