The economy takes steps to have more control over financial dollars

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urged by lack of reserves and inflation, the government will launch a combination of measures tomorrow a focus on the management of dollar bonds in the hands of the public sector and contain the escalation of the dollar. The Ministry of Economy will publish a decree this Wednesday will oblige public bodies to dispose of its holdings in bonds denominated in dollars, both those governed by foreign legislation (global) and those governed by local legislation (AL).

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Today it is estimated that there are more than 100 organisms of the State with a stock of dollar-denominated bonds with a face value of US$35,000 million. In ranking the Central Bank and Anses Sustainability Guarantee Fund (FGS). The idea is that the public sector trades its GD bonds with the Treasury for peso instruments and, on the other hand, sells the AL, which companies use to acquire CCLs.

In this way, Sergio Massa’s team aspires to place a part of the LAs on the market to “generate depth”, so that the Economy, in coordination with the Central Bank, concentrates the management of the rest of the LAs that have not been placed market and finally withdraw from the market GD bonds for a total value of US$ 4,000 million. “In this way, Mecon will have the ability to operate in the dollar financial market without affecting reserves,” they said.

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Source: Clarin

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