Sergio Massa’s announcements were not enough to stop the decline in reserves: the Central Bank sold $ 150 million

The bleeding of currencies in front of the Central Bank does not stop. This Thursday he had to sell another $ 150 million, and that’s $ 580 million on four wheels which have passed since the beginning of August. sales go up to 820 million dollars since Sergio Massa was appointed Minister of the Economy.

Although the market showed a slight recovery in this wheel after the declines on Monday and Tuesday, that truce did not reach the momentum of the Single Exchange Market (MULC) and the entity that Miguel Pesce continues to manage ended the day with accounts. negative.

As happened in the months of June and July, the demand from importers to cover energy purchases they took the dollars that the Central Bank was forced to provide. In this wheel, importers of fuel and energy They asked for $ 100 million.

The negative result presented by the Central Bank and which is enriched by the red of 1,275 million dollars with which it closed July, puts under pressure the management of Sergio Massa, Minister of the Economy, who established the accumulation of reserves as one of your goals

Estimates from private consultants prove this the net reserves of the plant are around 1,500 million dollarswhich is just enough to cover 15 days of demand from importers.

Faced with this, the challenge of the new minister and his team is to persuade exporters to increase the liquidation of their currencies. On Wednesday, introducing his management aces, Massa announced a plan for exporters to liquidate $ 5 billion over the next 60 days, but there are still no details on the benefits they will give them to accelerate sales.

In any case, market expectations on this measure are down, given that 5,000 million dollars is the figure that exporters paid between August and September of last year, without any stimulus.

After a promising start to the market with bonds bouncing 1%, bonds deflated over the course of the day as financial dollars, which started lower, closed the wheel higher. Cash with liqui, the dollar used by companies, rose 0.7% to $ 289.6, while the MEP rose 1.8% to $ 286.2.

The only one that finished lower was the blue dollar, which lost seven pesos on the day to finish in the rankings $ 291. Yesterday, with a rally that took it to $ 298, the blue broke away from the financial dollars, which continue to move below $ 290. For this reason, today’s decline in blue was attributed to the fact that it had risen too much in one o’clock before Massa’s assumption.

The stocks that started with rises of around 2% closed with falls of 1%, which led the country risk to close at 2438 basis points.

On the equity side, ups and downs for Argentine ADRs on Wall Street with the exception of Mercado Libre, which rose 16% after the good results of the balance sheet presented yesterday.