2024-07-12 21:22:00
In the last wholesale round of the week, the volume of business remained at a very low threshold, with USD 161.3 million traded in the cash segment. he BCRA won purchases for USD 43 million26.7% of the total.
In this way, the purchase balance of the Central reached USD 154 million in the week, with four operating wheels with a balance in favor – due to the holiday on Tuesday the 9th-. Likewise, the monetary entity accumulated a favorable balance in July for its participation in the exchange market of 227 million dollars.
Flash reservations gross international they grew on the day by USD 49 million, to USD 28,274 million. Over the past week, the stock of assets was reduced by USD 1,672 million or 5.6%, essentially due to the payment of principal and interest on Globales and Bonares bonds between Monday and Wednesday.
The Central Bank accumulates net purchases in the exchange market for USD 17,466 million since December 11 of last year, when Javier Milei’s government took office. At the same time, the stock of international reserves improved by USD 7,065 million or 33.3%, from USD 21,209 million on December 7, 2023.
Paula Gandara, CIO of Asset Management at Adcap Grupo Financiero, explained that “in the medium term due to a seasonal issue, in the next six months you will have a negative flow (in the balance of payments). It is known that you will lose up to USD 3,000 million this quarter and then it will be recovered in the last quarter of the year,” said Gándara, adding that “there are no expectations that foreign exchange income will materialize. , for example through the laundering, new money from the IMF or agriculture, but the latter but near the end of the year. “That’s all that’s happening, the uncertainty.”
“In addition to the fact that the accumulation of reserves would not be within the latest guidelines to move forward from the stocks, operators remain very attentive to its dynamics as it will be relevant more or less depending on the system exchanges chosen to generate. trust. Pending more clarity on this process, financial and cheap dollars remain supported as a more hedge-oriented stance still prevails among investors, as indicated by a widening and still-resolving ‘gap’ over over 50%”, he explained. Gustavo Bereconomist at Estudio Ber.
By statement, the Banco Central It announced on Thursday “an end to the endogenous emission that generated liabilities on remuneration,” and “a new step it considered in the process of cleaning its balance sheet.” The Board of Directors of the monetary entity he heads Santiago Bausili fixed suspend passive Passport operations as of July 22. “Through Communication A 8060, the technical and operational aspects of the The Liquidity Tax Bill (LeFi)which, from that date, will serve as the main liquidity management instrument of the banking system.”
“Financial entities will be able to receive LeFi daily and sell all or part of their holdings to the BCRA, guaranteeing that the mechanism allows liquidity to be adapted to the needs of the economy. This new Letter will contain a maximum term of 1 year and can only be negotiated between financial entities and the BCRA. The Board of Directors found that LeFi will be worked on its technical value and will not be counted towards the Non-Financial Public Sector Funding limit,” the official message said.
The analyst Salvador Di Stefano He said “the Government’s idea is to end monetary liabilities of remuneration and move to a positive interest rate. The recommendation: be careful with those who are heavily in debt. “We could have a very negative impact on economic activity.” He also said that “the Government should go slowly with the rate hike, because it could leave many entrepreneurs behind. The interest rate should always be positive, but be careful that they can end the economic recovery.”
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