Faced with the greatest demands of the market and the IMF, the Ministry of Economy seeks to add currencies without going through the official change market.
Treasury deposits in dollars grew up in other US $ 200 million on July 3given the proximity of an important debt payment and the largest demands of the market and the International Monetary Fund (IMF). Analysts seek to determine if the data that was known on Monday was another operation of the “block purchases” that the Minister of Economy, Luis Caputo, has been carrying out, within the framework of his new strategy to accumulate reservations.
From Economy they argue that, since the bulk of the dollars that are needed are to pay debt, it is the Treasury that has to accumulate reservations and not the monetary authority. In that sense, Caputo detailed last week that “with a capitalized BCRA and that does not intervene in the market,” the Treasury is the one that can accumulate currencies through four mechanisms: privatizations, sale of assets, concessions, and “block trades” (sales blocks).
It is precisely this last mechanism that could be gaining relevance in recent days. Romano Group’s Head of Research, Salvador Vitelli, recalled that tanks in hard currency They came from increasing US $ 190 million, also for “unknown” reasons; Thus, with the purchase last Thursday They amounted to a total of US $ 4,864 million.
What is this mechanism for accumulation of Luis Caputo reserves?
Caputo came to confirm at the end of June that Treasury is buying bilateral block dollars without going through the official change market. These operations are carried out with the money from the fiscal surplus and “by blocks” are carried out from, for example, of a sum of money that a bank, some company or province that sells dollars in the market can offer.
For his part, economist Federico Machado explained in his X account that these operations are usually carried out Between “Great Players” and? The price “is agreed directly, often taking as a reference the market price, but not necessarily replicating that value”unlike what happens in the change market.
It is worth remembering that This Tuesday the Government must face a payment of US $ 4,200 million. On previous occasions, in the face of debt payments the Treasury sucked BCRA reservations. “We do not know if now bought reservations for the BCRA or block, until the data of the monetary authority in 48 hours does not come out. They may have been both, “said analyst Christian Buter, before the scope consultation.
For his part, economist Amilcar Collante held this medium that “The market and IMF are tightening a little more about the issue of accumulation of reserves”, reasons why the government would be giving signs of meeting this demandbeyond that “with what he had deposited he already reached him to cover debt payments.” “The government is having contact with banks to be counterpart from some blocks, but I don’t know if it was what happened in this case,” he said.
At the moment, the BCRA reported that International gross reserves had a negative variation bounded on Monday, -u $ s19 millionto be located at US $ 41,720 million.
Source: Ambito
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