The Secretariats of Finance and Finance formalized on Tuesday the repurchase of non -transferable letters with US $ 2,000 million of the last IMF disbursement. What an impact has on reservations.
Within the framework of the Program of Facilities Extended with the International Monetary Fund (IMF), the Ministry of Economy ordered the repurchase of non -transferable letters held by the Central Bank of the Argentine Republic (BCRA) for an effective amount of US $ s2,000 million.
The operation, which is liquidated the Monday, August 11, 2025involves the Intransferable National Treasury lyrics of dollars with expiration on April 3, 2029originally issued in April 2024 for a nominal value of US $3,268.79 million. The fixed repurchase is US $61,18466 for every US $ 100 of nominal valuewhich represents a strong discount on the original amount. According to the joint resolution signed by the Secretary of Finance, Pablo Quirno Magraneand the Secretary of the Treasury, Carlos Jorge Gubermanthe repurchased titles will be discharged from the public debt records.
100 dollars
The operation are U $ 2,000 million from the IMF turn after the approval of the first review of the program agreed in April. “This purchase will serve to continue the process of recapitalization of the BCRA, strengthening its reservations so that their liabilities – the deposits of people and companies – have a better support,” said Quirno.
This is the second operation of this type in the year: in May, with the US $ s12,000 million From the first disbursement of the IMF, an initial repurchase had been made. In total, both transactions allowed Cancel gross debt for US $ 16,886 million, reduce liabilities to US $ 2,886 million and recapitalize the BCRA for US $14,000 million.
INTRANSFERIBLE LETTERS: ACCOUNTING AND CANDARIO IMPACT
While the Treasury dollar pass to the Central Bank does not modify the level of gross reserves, does improve the composition of net reserves. This is because the treasure dollars deposited in the BCRA are computed as lace, while, once transferred to the asset of the monetary authority, they go on to integrate the net reserves available for interventions in the exchange market under the managed flotation scheme.
The Intransferible letters are an instrument created in 2006, During the management of Néstor Kirchner, when debt was canceled with the IMF using reservations and a non -negotiable title in dollars in return was given to the BCRA. Since then, different governments have used this mechanism to obtain currencies from the central, delivering in return titles with long and low or no performance maturities.
The backdrop: reservations and goals with the IMF
The accumulation of net reserves remains the weakest point of the economic program. According to the invecq consultant, although the IMF reduced at $ s s6,500 million The annual goal, the government still needs to add US $6,600 million In the remainder of 2025 to meet the new objective, a challenge that, they warn, would only be feasible with reopening in international markets after the elections.
Consultant 1816 agrees that it will be necessary Capture about US $ 6,000 million Via purchases in the market, indebtedness or privatizations, highlighting that the IMF enabled daily purchases of dollars inside the exchange band, which would allow half of that amount with purchases of US $ s30 million per day Until the end of the year.
The fund, meanwhile, recognized compliance with the fiscal goal and advances in monetary standardization, but warned of external fragility, low reservations and dependence on short -term capitals to finance the current account deficit. He also asked for one most active coordination between treasure and BCRA to handle liquidity and reduce volatility in rates, as well as define a clearer monetary and exchange scheme of medium term.
In this framework, The relief in reserves and the elimination of September intermediate review give some air to the economic team. However, the next IMF exam – previso for January 23, 2026 – will take place after the elections, when the new government must face a exchange scenario that, according to analysts, will continue to be the most critical variable of the program.
Source: Ambito
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