With scarce reservations and maturities for US $ 8.1 billion to January, the economic team ensures that it works on different plans to honor debt commitments.
Last hours at night, Luis Caputo, the Minister of Economy He responded again for tweeter consultations in relation to dollar, exchange band and debt. One of them, raised one of the risks taken into account by economic analysts linked to the bulky maturities that the treasure has to fulfill in the coming months, with few dollars accumulated and at a complex moment for the government of financial turbulence.
“Toto, consultation, which may be the doubt of several. Taking into account the maturities that the Treasury has in the short term, the amount of dollars it currently has and that, in these prices, will not buy dollars, how they plan to face those commitments?”, The user consulted @Eemaema in the social network X (former Twitter).
To which Caputo replied: “Good question. In the economic team we always work thinking about unwanted scenarios. This is no exception. It does not grab us surprise. We have been working on different alternatives for months. As always, we will only announce something when we know it is concretized. But others are not to tell you that we are going to honor all debts, as we have been doing since we assume, even with much less resources.
The debt maturities that the government must face
Currently, the Treasury has approximately U $ S 1,100 million in the Central Bank coffersa figure that looks meager against the commitments that must face until January inclusive, which add up U $ S 8.1 billion.
This barefoot is closely followed by the market, which already speculates with the different possible scenarios. The most pessimistic contemplates a debult of debt, something that analysts consider unlikely at this time, since the government has repeatedly reiterated its commitment to honor all payments.
At the other extreme, the most optimistic scenario includes a country risk reduction promoted by a favorable electoral result in October, which could facilitate the return of the country to international credit markets and relieve financing tensions.
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Signals on the exchange market
Caputo also referred to the government exchange strategy against another consultation of the users about when the central bank buying dollars will intervene again:
“The Central Bank only buys dollars from the band’s floor. The treasure can buy at any time, as it did. We bought $ 3,000 million below the $ 1,200. At the current price, the treasure no longer buys. And on the roof of the band, the Central Bank buys weights to absorb them and reduce exchange volatility. Hug,” he explained in the social network X.
Although the government avoids giving concrete details about how the next dollar commitments will be faced, some possible alternatives are mentioned in the Buenos Aires City:
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Use of dollars from IMF disbursements.
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Negotiation of a repo, although its concretion seems difficult with the country risk above 1,000 basic points.
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Acceleration of currency purchases by the treasure in the coming months to reinforce the reservations mattress and give greater predictability. But for now, they are only assumptions.
Source: Ambito
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