Currently, 21.7% of the entity’s assets are made up of bills and bonds issued by the Ministry of Economy. So far this year it has purchased $10 billion in order to support prices in secondary markets.
He The Central Bank was making a great effort during September to support the price of Argentine assets. According to the balance sheet published weekly by the entity that conducts Miguel Pescelast month The holding of Treasury bills and bonds grew by $340,000 million.
As of September 30, the entity had $13.06 billion in public securities, while a month before the holding was $12.72 billion. The amount of peso bonds held by the BCRA is equivalent to 21.7% of the institution’s assets. Gabriel Caamaño, from Consultora Ledesma, told Ambito that the values in which the holdings are recorded in the balance sheets are technical, but that they can be used as a proxy to estimate the amounts for which the BCRA intervenes. “Every day he shops,” he noted.
Along During the year, the Central Bank has been supporting what is technically called “the peso curve.” Through monetary issue It has been participating in the secondary markets, buying from private parties the bills issued by the Treasury in order to put a floor on prices. Last year, prior to the departure of Martín Guzmán from the Ministry of Economy, there had been a run against these securities, for fear of a re-profiling of maturities in the event of a possible Together for Change government.
For a few days now, A similar situation is being seen in the peso markets. Mutual funds (FCI) that invest in “fixed income” assets have fallen to a share of less than 30% of the industry, while “Money Markets” record an increase in income, despite offering returns of almost 3 points less than monthly inflation. Quick liquidity funds are now 56% of the FCI industry.
In January, for example, the holding of BCRA securities was $3 billion, what represented the 10.48% of assets. Throughout the year, the holding of treasury bills and bonds in pesos issued by the Ministry of Economy grew 10.5 points. In round numbers it is about 10 billion. With this monetary issuance effort, which is not contemplated in the agreement with the IMF, the government managed this year to obtain net financing above the maturities of some $4 billion that has been serving to finance the fiscal deficit.
Uncertainty is widespread against Argentine assets, in the run-up to the elections. All securities that have the State as issuer have been falling in recent days, including the Global ones that are at parities below 30%. Those nominated in pesos have also been affected. Portfolio Personal Investments (PPI) even points out that banks have seen a transfer of fixed-term accounts to current accounts. “If we analyze the stocks of current accounts, their growth more than doubled the advance of fixed terms during the month under analysis (20% vs 9% according to data as of September 28),” it was indicated.
Source: Ambito
