The Central Bank will grant oil companies an adjustable dollar-linked bond to finance fuel imports. But will there be changes in the increase planned for June?
After a meeting that held the Ministry of Energy, Commerce and the Central Bank with the oil companies last Wednesday, a new plan is being advanced to decompress the pressure on reserves. In this way, work is being done on a mechanism that allows oil companies to access credits from local banks to finance imports for the next quarter, as Ámbito was able to confirm.
“It was agreed last Wednesday. The oil companies are going to finance imports for 90 days and for the financing they receive they can buy a BCRA bond tied to the official dollar.“, official sources assure this medium.
Meanwhile, in relation to a possible increase in fuels above the official agreement of 4% for this month, the reservation remains in the comments but it is known that the increase will officially become effective in mid-June. It is worth remembering that in mid-April, the Fair Prices agreement for the oil sector was renewed, where a cap on increases was set that will be in force until August.
In this way, it is sought that the oil companies are the ones that go out to get the dollars to buy the fuels through a loan to local banks. In exchange, the Central Bank will grant a letter that will be adjusted to the linked dollar. The cost for the oil companies will be significant: Argentina imports between 5 and 6 shipments of gasoline and diesel per month, which at current prices have an estimated cost of close to 270 million dollars.
The meeting is then added to a new strategy that the Government has to save dollars at a time when net reserves are in negative territory and the new edition of the soybean dollar, which is nearing completion, did not meet official expectations.
Source: Ambito
