They will start this Monday release the first dollars to pay importers and this will test the Central Bank’s ability to purchase dollars for reserves. The body chaired by Santiago Bausili is progressing well: in the first month of administration, after the devaluation of the official dollar, accumulated net purchases of almost $4.3 billion, in a record not seen since the soybean dollar.
Also on Friday after two “good news” on the economic front for Javier Milei’s government, like that one agreement with the IMF and the successful auction of the Free Argentina Reconstruction Bond (Bopreal), the BCRA managed to purchase $300 million. Even if the city highlights the good performance of the Central in the last 30 days, there is a warning of the impact that payments to importers could have, which will begin to normalize from this Monday.
Almost simultaneously with the increase in devaluation on December 13, the Central Bank announced that starting this month, and gradually, imports would be released. For this reason it has established a system of gradual access to the MULC. This is what City calls “Now 4”: payments They will be paid in four installments, each equal to 25% of the total amount requested.
The first installment will begin to be paid from Monday, given that the first 30 days established by the organization for the first imports registered starting from December 13th have already passed. This will mean a first test at the Central which, as some operators have commented, has started buying dollars again, but with the market still practically closed.
Consultancy firm Aurum Valores pointed out: “The accumulation of reserves through the MULC in the number of days the new government is in office coincides more closely with the soybean dollar 1.” At the same time, Fernando Marull, FM y Asociados, stated: “Even agriculture that sells less than 100 million dollars a day, the BCRA “He was able to continue to purchase on average more than $100 million a day.”
“This situation will likely start to moderate in the coming days, when the first of four quotas for new imports (flows) comes into effect, and the import dollar at $960 will lag behind the CCL dollar at $1,200,” the official said. economist, who added: “ We hope there is a greater volume of bopreal and the IMF agreement greater stability.”
At Aurum Valores they agreed: “Although the accumulation could be reduced with the authorization of the first installment of import payments (25%), if the high export levels estimated for cereals materialize, we are confident that the foreign exchange absorption could continue to grow.”
The accumulation of reserves is one of the key points of the recently renewed agreement with the Fund. “The objectives set for this year include a primary surplus of 2% of GDP (consistent with a financial deficit of zero) and a reserve accumulation of 10,000 million dollars starting from the beginning of the current administration, which has already accumulated 2,700 dollars million “This would mean closing the year with net reserves at zero, given that the current government took office with -10 billion dollars,” they stated in the IEB group.
As of Friday’s close, gross reserves had reached 23,411 million dollars, about $89 less than the balance for the first week of the year.
Source: Clarin
