The IMF made a disbursement to the country and the BCRA reserves rose by US$2.5 billion

The IMF made a disbursement to the country and the BCRA reserves rose by US$2.5 billion

After the approval of the goals for the fourth quarter, the Monetary Fund made the planned disbursement of dollars. Good data for the end of the month in a complex context for the BCRA.

Finally, this Friday, the International Monetary Fund (IMF) approved the goals of the fourth quarter of 2022 of the extended facilities program that it carries out with Argentina and, consequently, entered the reserves of the Central Bank (BCRA) the long awaited disbursement for US$5.400 million (SDR 4 billion). This puts the total disbursements under the agreement at around US$28.9 billion.

In this way, the reserves of the monetary and financial regulator increased in the day by US$2,492 million, compared to US$36,563 million at the close of Thursday, as a net effect after the payment and closed at US$39. 055 million the month. Likewise, the flexibility of the reserve goal by the Fund was approved in view of the difficulty of accumulating dollars that Argentina is facing in the context of the drought.

As the economist Christian Buteler mentions, “the dollars from the IMF arrived and managed to turn around the monthly result of the reserves.” And it is that this news modifies the panorama that the BCRA had until today in the afternoon, after having lost more than US $ 1,900 million in the official exchange market throughout March.

This Friday, the BCRA sold again strong, lost some US$99 million in the day and was heading to close March with a bleeding of US$1,918 million. This responds to the fact that throughout the third month of the year there were extra demands by Santa Fe bond payments ($130 million) and Mendoza ($57 million), and import of gas ships (US$262 million), among others.

The news of the disbursement comes after several negotiations by the Minister of Economy, Sergio Massa, who held a meeting with the number two of the IMF, Gita Gopinath. There they talked about the need to make the reserve goal more flexible and, on the other hand, Massa promised to take measures to increase the accumulation of dollars in the BCRA.

In fact, from Washington he announced the launch of the soybean dollar 3 and the agricultural dollar, which includes, in addition to soybeans, other products from the regional economies and promised to obtain, during the year, around US$3,000 million International organizations.

(news in development)

Source: Ambito

Leave a Reply

Your email address will not be published. Required fields are marked *

Latest Posts