The negotiations with the IMF concentrate the attention of the market, taking into account that in the first quarter maturities with the agency are close to US$4,000 million, an amount higher than the net reserves of the BCRA, which are those that do not have a counterparty liability ( excludes Swaps, for example).
The consulting firm Delphos Investment estimated that “the negotiations with the credit institution will require a significant dose of pragmatism to reach an agreement before the maturities of US$2.8 billion on March 21 and 22.”
In this context, the Argentine foreign minister, santiago cafiero, will meet with the secretary of the United States Department of State, Antony Blinken, in the framework of the negotiations with the IMF.
“We have a set of economic and social objectives and, of course, we want to fulfill our commitments, but we need time. We need for that time not to charge us such a conditionality that stops the recovery and inhibits Argentina’s development capacity in the medium and in the long term,” said Economy Minister Martin Guzman in an interview with the AFP agency.
On Monday it was known that the public debt as of December 31, 2021 reached an equivalent of more than US $ 360,000 million. Although 70% corresponded to debt in dollars, it is worth noting that during the last year liabilities in foreign currency fell 0.4%, while those denominated in pesos grew 36.5%.
The economist and researcher at the Center for State and Society Studies (CEDES), Joaquín Waldman, highlighted to this medium the reduction in the weight of the debt in relation to GDP (due to the rebound of the Argentine economy and the appreciation of the real exchange rate ) and the proportion of debt in dollars.
For 2022, debt maturities are estimated for the equivalent of US$93,017 million. Most of the total maturities correspond to government bonds in national currency, for the equivalent of US$47,755 million. However, all eyes are on the almost $19bn in maturities with the IMF.
“The most important thing regarding debt is still when and what you sign with the Fund. It is still what makes it difficult for you to refinance maturities in dollars with private parties and what generates uncertainty throughout the economy,” Waldman said.
Official dollar and Central Bank
The dollar today rose seven cents this Tuesday, January 18, 2022 and traded at $109.53, -without taxes-, according to the average in the main banks of the financial system. In turn, the retail value of the currency in Banco Nación operates at $109.
The savings dollar or solidarity dollar -which includes 30% of the COUNTRY tax, and 35% on account of the Income Tax- it was up 11 cents at $180.72.
In the wholesale segment, the dollar rose seven cents to $104.17, under the constant regulation of the BCRA. In the first two days of this week, the exchange rate advanced 33 cents, against a rise of 28 cents in the same period of the previous week.
After 12 consecutive rounds without sales, the BCRA had to meet the demand for foreign currency with sales of some US$50 million.
The blue dollar marked a new historical nominal maximum this Tuesday, January 18, 2022, climbing for the first time to $211, according to a survey carried out by Ámbito in the Foreign Exchange Black Market.
The parallel dollar rebounded $2, with which the gap with the wholesale exchange rate, which is regulated by the Central Bank (BCRA), reached 102.6%, the maximum so far in 2022.
Source From: Ambito
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