The Government announced that the New agreement with the IMF will be implemented through a Decree of necessity and urgency (DNU). Although this decision generates debate due to the obligation that Congress intervenes before the confirmation of a new financing, the central axis of the discussion It lies in the Intransferible letters (LI). What are they and why do they have a key role in this operation?
During the opening of legislative sessions 2025, Javier Milei said that the resources from the IMF will be used to cancel part of the debt that the treasure maintains with the Central Bank. Although he did not explicitly mention the non -transferable letters, his statements suggest that these instruments They are at the center of the operation.
INTRANSFERIBLE LETTERS: WHAT ARE
Intransferible letters were created on January 5, 2006 during the government of Néstor Kirchner, through joint resolutions of the Secretariats of Finance and Finance. The INTRANSFERIBLE LETTERS (LI) They are debt instruments issued by the National Treasury and delivered to the Central Bank of the Argentine Republic (BCRA) in exchange for dollars of your reservations.
This is key because the Central Bank value these letters at a price lower than its nominal valuewhich means that its elimination could improve its balance and, at the same time, reduce treasure debt.
With the new agreement in negotiation, the Milei government aims to reduce the stock of non -transferable letters using the IMF disbursements, A strategy that could have significant implications in the Balance Sheet of the Central Bank and in the sustainability of public debt.
According to Ecogo, the non -transferable stock of letters amounts to AU $ S69,231 million, although to market value (33 cents) those letters They are equivalent to about US $23,161 million. The same figure, coincided with a recent Roman Group report.
According to Gabriel Caamaño, Ledesma economist, “If they are canceled A VNR (residual nominal value) or VT (technical value) As Treasury is valued in the debt, the BCRA will have a patrimonial gain (rises pn) and not just an improvement of liquid asset, of a purely accounting nature. If they are canceled to the value that the BCRA has valued, the treasure will have a reduction in gross debt of a purely accounting nature, “
Thus, the intention of the government is to rescue part of these non -transferable letters and improve the balance of monetary authority. As a debt would be a change for another, the level of net indebtedness would not be modified, but there would be a creditor change.
Source: Ambito
