As happened with businesses in 2020, and due to the alarming decline in the Central Bank’s international reserves, the Government is asking minimize the provinces’ demand for dollars who have to pay the debt in US currency.
According to official sources, from now on those provinces that have dollar deposits They have to take care of their debts. This group would include, for example, Córdoba, which on June 10 must disburse 120 million dollars for a bond loan maturing in 2025. Also Chubut, Salta and the City of Buenos Aires (CABA).
As with corporate tradable bonds and bank loans, the central bank could grant provinces access to 40 percent of the dollars needed to pay off their commitments. But the other 60% will have to face it with their own funds or will have to restructure their bonds.
In any case, the government let it be known that they will not allow any provincial default, in case there are governors who do not receive dollars or reschedule their obligations. “It will help them,” they said.
Total, there are 14 provinces with dollar bonds in circulation, for a total of US$ 14,000 million. In the rest of the year, 974 million dollars accrueof which US$462 million would be amortization (partial payments of principal or interest), according to data processed by the consulting firm 1816.
On the other hand the provinces they would have foreign currency deposits of $1.6 billion.
The provinces in debt in dollars are CABA, Buenos Aires, Chaco, Chubut, Córdoba, Entre Ríos, Jujuy, La Rioja, Mendoza, Neuquén, Río Negro, Salta, Santa Fe and Tierra del Fuego.
Of all, adds 1816, the most committed, with capital due this year, are:
- Cordoba: $259 million
- Chubut; 39 million dollars
- Jump: 36 million dollars
- Between rivers; Millions of dollars
- Jujuy: 24 million dollars
- Neuquen; 21 million dollars
- Land of Fire: $12 million
reservations in red
The call for provinces to use their own dollars comes a day after the third edition of the soy dollar concluded. Despite a bad start, the agreements returned towards the end and made it possible to complete the 5,000 million US dollars foreseen at the start of the program. But of that amount, the monetary entity was only able to purchase $850 million.
Of this figure, practically half was obtained in the last wheel of the month, with purchases for 451 million dollars. Soybean 3 dollar started on April 10th.
Now expectations are fixed on the arrival of a possible soy dollar 4. From the Government they assure that they have nothing planned, but on the market they take it for granted. The reasoning is that after the three versions of the soybean dollar offered by Sergio Massa since he arrived at the Ministry of Economy, the producers/exporters are clear that they will not liquidate if there is no incentive involved.
Source: Clarin
