The accumulated balance of currencies descended in a sustained way during the month. As of August 21, the treasure had already used more than US $ 260 million of its dollar deposits in the BCRA.
Not only The treasure stopped shopping in a currency block during Augustbut also had to face large debt payments with international credit organizations. In this way, Luis Caputo’s administration already consumed US $ 262 million this month of its deposits in foreign currency within the Central Bank (BCRA). To this is added one more fact: the City begins to look closely at the daily drip and wonders if there is any Unusual movement that would suggest signs of a possible intervention in the markets.
About 15 days ago it was the Minister of Economy Luis Caputo who announced that the Treasury was going to stop buying dollars in the single and free market (MLUC) at least until October. These statements were made on the Carajo streaming channel. The truth is that, beyond this announcement, the first fifteen days of the month had not acquired any currency.
Another was the story in the previous months, in which the National Treasury was made of about US $ 993 million between June 23 and July 21 at an average value of $ 1,248slightly above the medium of the exchange band. In fact, according to monetary data On Monday, July 21, they showed that the treasure deposits in foreign currency in the BCRA had climbed about US $25 million, from US $ 1,514 million au $ 1,539 million.
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But this month the situation changed radically. This graph of Aurum values It shows how the national treasure used its currency stock in the BCRA during August. So you can see how Not only the accumulated foreign exchange balance fell sustained during the monthbut As of August 21, the Treasury had already used $ 262 million of its dollar deposits at the BCRA. In turn, daily evolution indicates that daily currency expenses intensify in the second half of the month, especially between August 16 and 21.
Payments to credit agencies, IMF and other herbs
In August there were a lot of payments that the Treasury had to face. According to the OPC report, in August the Argentine government made payments in foreign currency for a total of US $ 1,018 million, of which US $ 877 million were YU $ S141 million capital interests. International Monetary Fund, interests were paid, for US $ 801 million, on August 1. Other international organizations were paid US $ 141 million Yu $ S77 million interests, on varied dates.
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Despite these debt payments, from the City they began to pay more attention to the movements of the treasure dollars in the BCRA In recent weeks in the face of such volatility in the markets. In fact, A point that made them focus was that the volume was falling “by dripping” Because in general, when payments are made to credits an important loss is evidenced on a specific day and not in a staggered way, as happened on this occasion.
This may have at least two causes: One is that they use those currencies to intervene in the market, or the other may be that this decrease is compensated in other items within another item in the Central Bank. What is clear about what August left is that the treasure is not buying currencies, as Luis Caputo said, not to “take firewood” to the fire in a market that is very convulsed A days after the elections in the province of Buenos Aires and just over a month of the national elections so relevant to know how the economic plan follows.
Source: Ambito
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