The Central Bank sold $ 200 million in two days to cover heavy energy imports

This Wednesday the Central Bank had to sell $ 140 million to cover the market demand in the face of the increase in energy and gas imports. This is in addition to $ 60 million which he had to get rid of yesterday and that means that in the first fortnight of June he will have to face a red close to 150 million dollars.

In this round, the escalation brought about by alternative dollars in recent days has stopped and the supply of exporters has continued, while demand in the Single Exchange has remained stable.

This forced the power plant to assist importers, especially in the major purchases of energy and fuels, which they are estimated to take in nearly $ 150 million a day.

With these numbers, the Government risks not achieving the objectives agreed with the Monetary Fund regarding the accumulation of reserves and having to ask the agency for a waiver.

Today, the net reserves are in between $ 2.6 billion and $ 3.5 billion, according to the way in which the consultants calculate them, as the Central Bank does not officially communicate such data. According to the agreement, they should close the first half at $ 6,350 million.

While the liquidations of exporters remain firm – they already exceed the 15 billion dollars so far this year – the power plant has not been able to earn foreign currency. In this period he added a favorable balance of just about $ 800 million.

This is a consequence of the strong demand from importers, especially to cover the higher energy costs. In the first part of the year, these costs are estimated to have increased by nearly $ 2,000 million compared to last year.

Market data indicate this the outflow of dollars for the energy category increases by 200% compared to a year ago and represents a quarter of the payment of total imports

Add to this the higher dollar card expenses of Argentines traveling abroad or making purchases in dollars. last month they left $ 500 million just like this.

Between January and April left $ 2,009 million in dollars of cards, a figure four times higher than that of the same period last year (574 million dollars).

New measures

In this context, The government analyzes new measures that would put a greater trap for the outflow of dollars. The chief of staff, Juan Manzur, announced after a meeting attended by the Minister of Economy, Martín Guzmán, that there will be announcements.

“The minister is working on the recommendation of the president in certain actions to be takenwhich will surely make it official in front of the press in the next few days, “said the official.

Among the measures already taken for granted, it is expected that the Central Bank will raise the reference rate of the economy, to try to clarify the exchange outlook.

But there are also versions circulating imports would be further limited and that there may also be measures affecting the paper dollar.

AQ