The agenda for now is a mystery. However, according to analysts, the Central Bank will seek to roll over the debt in order to avoid facing debt in the short term.
He president of the Central Bank of Argentina (BCRA), Santiago Bausiliwill travel this Friday with the chancellor Diana Mondino as confirmed Ambit. China is a key destination for the BCRA since Argentina will have to face a maturity in June of almost US$5,000 million. The agenda for now is reserved. However, according to analysts, the Central Bank will seek to roll over the debt in order to avoid facing debt in the short term.
In June 2023, Argentina and China renewed the currency exchange contract between the BCRA and the Asian giant’s Banco Popular until mid-2026. But apart from the general agreement, Each disbursement has its own due date.
In the next three months, the BCRA faces capital maturities for interest with the IMF, with international organizations, payment of bonars and globals and the bopreales, only in July.
Argentina has a line of US$18 billion currency swap with the People’s Bank of China which was renewed last June, but around US$5 billion must be renewed again this year after the former Minister of Economy Sergio Massa will spend those funds to largely finance imports in 2023.
In the latest Staff Report of the International Monetary Fund (IMF) corresponding to the latest review of the Argentine case, it was stated that the activated swap will be refinanced in 2024.
Under the management of Miguel Pesce, the Central Bank used yuan to pay for imports, mainly with Chinese counterparts. It was an emergency resource to partially alleviate the effects of last year’s drought and its impact on the supply of foreign currency.
News in development.-
Source: Ambito
