A new variant to intervene in the financial dollar without coming into conflict with the IMF

A new variant to intervene in the financial dollar without coming into conflict with the IMF

The Government will launch today a package of measures that will restore the possibility of intervening in the financial dollar market to try to stabilize its values. This takes place when, in recent days, there has been a jump for the MEP and CCL modality, which led them to cross $400, setting the pace for the rise to blue that yesterday climbed to $394.

the minister Massa thus manages to circumvent the IMF ban, which in the last statement reminded the Tigrense that it was not allowed to use BCRA reserves to carry out operations that would counteract upward trends. Along these lines, the Government has also managed to mitigate the lack of resources resulting from the drought (low activity) and ease negotiations with the Fund, which in recent days announced a new goal for the accumulation of BCRA reserves, but which It had not accompanied that measure with a similar one in terms of compliance with the agreed deficit for 2023.

The measurements are simple. On the one hand, State agencies will be forced to sell titles in dollars in exchange for pesos. In principle, the Treasury would be left with those bonds. In this way, there will be greater depth for operations (they can intervene), inhibiting the chance that an implicit dollar rise will be easily registered as a result of greater demand and therefore end up validating a higher exchange rate. Both the MEP and the CCL would now emerge from a market with a greater number of bonds to be traded and greater depth.

In other words, there will not only be the sale of Global bonds (foreign legislation), which are those that are usually used for financial dollar operations, but also the sale of bonds in dollars under local legislation –such as bonars– will be induced to expand the place of operations with other instruments.

The government’s idea is to add titles for the equivalent of US$4,000 million, which will be managed by a single player – the Ministry of Economy – which will add firepower to intervene without using reserves. At the same time, state agencies will be able to buy new titles in pesos issued by the Treasury. Thus, the Government will be able to add resources to finance public spending at an extremely complex time.

With this tool, the Palacio de Hacienda and the BCRA carry out an operation that could help curb the virtual escalations resulting from speculation. It is known that the BCRA reserves are in sharp decline, complicated by the early liquidation of the soybean dollar and the low volume of wheat sales abroad due to the drought.

Source: Ambito

Leave a Reply

Your email address will not be published. Required fields are marked *

Latest Posts