According to IMF: the first disbursement and BCRA reserves entered almost US $ 36.8 billion

As the country finally entered the country on Tuesday, the first important outlay for US $ 12,000 million of the country finally entered the country on Tuesday International Monetary Fund (IMF). It is within the framework of the new agreement with Argentina, which gives it relief to beaten reserves of the Central Bank (BCRA), and adds fire to defend the exchange rate in the upper limit of the band, initially set with the body in $ 1,400 (with an update of 1% monthly).

Indeed, the gross international assets of the monetary authority increased in the day US $ 12,494 million and they touched the U $ 36,799 million, the highest level in the Milei era, after marking a minimum in 14 months on Monday (US $ 24,305 million). The multilateral agency approved a new credit for US $ 20,000 million last Friday to endorse a new economic program, regardless of the current for US $ 44,000 million.

In turn, net reserves ceased to be negative after several months and went on top of the US $ 4,600 million, from the almost US $ 7.9 billion negative.

But it will not be the only “fresh money” that enters the BCRA reserves during April. Now, the arrival for the next few days of the US $ 1,500 millions of other international organizations (World Bank and IDB) and a Repo of U $ 2,000 million with banksas the Minister of Economy, Luis Caputo, announcing phase 3 of the economic program, which, as a outgoing point, had the flexibility of the exchange rate, mainly for natural persons. That is, during this month BCRA reserves will receive a total reinforcement of US $ 15,500 million, while remained without intervening in the first two days of the new exchange scheme, characterized by a flotation between bands ($ 1,000 and $ 1,400).

The scheme agreed with these organisms also contemplates the arrival of US $ 4,100 million for June (U $ 2,000 million of the IMF YU $ S2.1 billion of other organisms) and some US $ 3,500 million for the second semester of 2025 (US $ 1,000 million from the YU $ 2,500 million fund of the rest of the entities).

While the market expects The BCRA begins to accumulate reservations, after the bleeding suffered in the last month, for now the monetary authority has remained in the margin of the operations in the large players of the exchange market.

Both this Monday, and this Tuesday, the entity did not buy or sell currencies in the single and free market (Mulc). It is worth remembering that could intervene inside the band to accumulate reservations or attenuate volatility episodesoutside the purchases/sales required to defend the band/ceiling of the band if tested. “It is reasonable that The BCRA bought currencies in the short term (from here to June), given that the IMF put as a goal that net reserves rise US $ 4,400 million in the second quarter. However, he preferred to run the market in a first instance so that the `Price Discovery` (market prices discovery) is genuine,” they said from PPI.

INTRANSFERIBLE LETTERS: The Government seeks to improve the balance of the BCRA and reduce the treasure debt

Within the arguments when negotiating a new request for fresh money to the IMF, the government included the possibility of recapitize the BCRA, from the cancellation of non -transferable letters (LI) by the Treasury. Even in the announcement of the start -up of the “phase 3” of the economic program, Caputo recalled that the objective of the first stage was to end the fiscal deficit; The second was to cut with the fourth fiscal red and monetary issuance; And the third, which has just been announced, has as a mission The recapitalization of the Central Bank.

That is, with this first important disbursement, it is sought that the treasure cancel the INTRANSFERIBLE LETTERS With the BCRA, with the aim of recapitating the coffers of the monetary authority. According to official sources from the Central A Scopethis operation is scheduled to be carried out next week.

The LIs were created on January 5, 2006, during the government of Néstor Kirchner, through joint resolutions of the Secretariats of Finance and Finance. These are debt titles issued by the National Treasury and delivered to the Central Bank (BCRA) in exchange for dollars of its reservations.

The relevant thing is that The BCRA counts these letters at a value lower than the nominalso its eventual elimination would have a double positive effect: It would allow to improve the balance of the monetary authority and, at the same time, reduce the gross debt of the treasure. Although the level of net indebtedness would not be modified-being a public intra-select debt exchange- It would imply a change in the creditor.

According to estimates by the Consultant Ecogo, the stock of Li amounts to AU $ S69.231 million. However, valued at market price (33 cents per dollar), they represent some U $ 23,161 million. The intention of the government is to advance with the rescue of these letters to strengthen the balance sheet of the central and continue with the financial standardization process.