The monetary authority explained that two letters were totally canceled, expiring on 06/01/2025 and on 04/29/2026, respectively, and partially another letter with term to 04/03/2029.
From the arrival of the first disbursement of the International Monetary Fund (IMF), the Treasury canceled debt with the Central Bank (BCRA) for US $1,000 million. With this decision, the Government seeks to “clean up” the balance of the monetary authority.
As detailed by the institution that leads Santiago Bausili In a statement published on Tuesday, May 6, the entity received US $1,000 million in effective value due to non -transferable letters with expiration dates 06/2025 (total cancellation), 04/29/2026 (total cancellation), and 03/04/2029 (partial cancellation).
This step responds to the provisions of the Decree 179/2025which enables public credit operations for two main purposes: cancel Treasury titles in hard currency that the BCRA currently has and face payments corresponding to the program of extended facilities with the IMF.
From now The dollars that entered the disbursement will become part of the assets of the monetary authorityalthough they were already accounted for as part of the international gross reserves, which came to approach US $ 40,000 million, and then go back to the current area of US $ 38,500 million.
INTRANSFERIBLE LETTERS: WHAT ARE
The non -transferable letters are debt instruments created in 2006, issued by the National Treasury and delivered to the BCRA in exchange for dollars of their reserves. A relevant point is that the central value these letters at a price lower than its nominal valuewhich means that its effective value elimination improves its balance and, at the same time, reduces the treasure debt.
According to calculations made by the consulting firm Ecogo and Romano Group, the non -transferable stock of letters was US $ 69,231 million to March, although to market value They were equivalent to about US $23,161 million.
Romano Group’s Head of Research, Salvador Vitelli, remarked that, as of 12/31, the letters canceled on this occasion were valued in U $ 8,940 million effective and at US $17,000 million nominal valueapproximately.
Source: Ambito
