He moved the fees “a” locker, just to distract. The relevant measure he took was the progressive elimination of the 7-day passes and the birth of the 180-day Leliq. All this monetary concoction only aims to force bank liquidity to continue financing the Treasury. In other words, given that there are no “profits” (the BCRA did not devalue in the Fabrega-Kicillof manner in 2021 and it will not have mega-earnings for this concept) and the ATNs are very close to the limit, in addition there is not abundant voluntary financing in pesos, ergo, There is no other alternative than to continue developing mechanisms and creating sources to finance the Treasury monetarily.
By the way, yesterday the BCRA confirmed the market’s suspicion that on New Year’s Eve, it turned another “help” to the Treasury for more than $ 203,000 million (some economists estimated that it would be about $ 300,000 million). Thus, the BCRA totaled more than $ 1.7 trillion of financial assistance to the Treasury, via ATN ($ 913,000 M) and via Transfer of profits ($ 788,000 M). That is, only $ 300,000 million less than what was turned in 2020 in the health and economic crisis.
A cautious expectation generated the presentation of the negotiation with the IMF in front of the governors. The most naive expected to see “the numbers.” The truth is that Martín Guzmán, in addition to looking for cronies in what is coming, whitened that an abyss still separates them in terms of the fiscal goals to which the IMF aspires and those that the Government agrees to.
That is why the “bonds” voted with a thumb down yesterday. Nobody rules out a breach with the agency given the demanding schedule for the coming months. Before that probability was very close to zero, today it is no longer so for the consensus. But it seems that the “optimists” are still tied, or praying, to the signal that the Government gave by having canceled the last maturity of US $ 1,855 million.
They consider this to be a clear indication that sooner or later Alberto believes that there will be an agreement. It seems like a bet on a single plenary session. For now, local consultants rule out hyper, but not new episodes of currency crisis with inflationary correlation, until the agreement with the IMF is cleared. They warn that “if the tug of war” extends further, the risk in the short term is that the gap will “speak” because there is a critical reserve position and inflation will climb another notch.
Meanwhile, on the Uruguayan coasts, the financiers are only wondering how to reach an agreement with the IMF, with what level of reserves, with what level of gap and inflation. But these questions do not distract them from the series of events that were reborn in the East.
With less intensity or bombast but with a full agenda, beyond the celebrations and farandulian meetings, among the most commented were the opening cocktail of the Walden Naturae art gallery in Pueblo Garzón (with the Marcia Schvartz exhibition), lunch at Fendi Chateau with the presence of President Luis Lacalle Pou, the meal in Fasano hosted by Delfina Blaquier and Ignacio Figueras, the Visa launch lunch at La Huella, the Laetitia d’Arenberg Foundation Gala, lunch de La Mer in Las Cárcavas where the Pro Am tennis tournament takes place. The most talked about was the gain of Warren Buffet for his bet on Apple, more than US $ 120,000 million, when he touched US $ 3 billion. market capitalization.
Source From: Ambito
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