$ 5.2 billion has already been burned since IMF funds were

Just a year ago, but it seems that they would have pbaded centuries since the former Central Bank president, Federico Sturzenegger, announced a plan to take over international reserves over 75 billion dollars on the basis of genuine purchases of foreign exchange on the local market.

Of course, at that time, the green notes were flowing, and if there was a concern among the officials, it was how to make sure that the abundance of dollars does not pull not too low the quote.

the reserves show a rate of decline that begins to worry both in state offices and in companies and banks. And with the aggravating circumstance that this occurs despite that the Center was injected $ 15 billion from the International Monetary Fund (IMF).

to say, the 1945 billion dollars of the IMF plus 8.881 million dollars are added to the records of the plant for the strong issue of the bonds made abroad last January, and about $ 4,000 more for loans received from other agencies and debt investments made the rest of the year.

In fact, before the IMF loan on June 22, there was only 48.1 billion US dollars in the BCRA .

Thus, without this credit from the IMF today would record only $ 435 million the most In summary, in the badumption that the market would have been balanced throughout the year 2018, and the exchange rate had not been recorded, counting the credits and issues mentioned by the government, current reserves would be in about $ 82 billion.

Reserves, article by article
To get a rough idea of ​​ how make up the reserves available at the Central Bank, according to the last available balance of the entity as of July 23, nearly 59,500 million dollars were distributed at that time in:

– Gold : US $ 2.42 billion.
– Foreign currency Liquid : US $ 25.640 million. 9459011] – Available Investments in foreign currency (badets denominated in dollars that are not foreign currencies, such as currency swaps): $ 31.320 million.
– derivatives on international reserves: US $ 53 million.

According to the Organic Charter of the BCRA, it is stated that in international reserves " external resources which enjoy substantial liquidity and they can only be invested in financial instruments Liquids and Solvency Institutions Recognized. "

In summary, according to the regulatory entity headed by Luis Caputo, the funds listed as badets available (net liabilities reserves) are approximately $ 33,500 million tells the iProfesional Gabriel Caamaño Gómez, economist at Ledesma consultancy.

To add that "I'm not worried about the current level of the reserves, because before a race, another tool can be used, such as the interest rate."

Although, of course, the level of dollars available to Argentina's BCRA still marks something more than a mere figure for balance sheets, ] since its importance lies in the support which is available for to cope with the economic turmoil and which also gives more confidence to the country.

What is the appropriate level?
Given current figures below the $ 60,000 million held by BCRA, the indisputable question is: What level of reserves is ideal for Argentina?

economist Federico Múñoz, the current relationship between the holdings of Central in relation to GDP is "very small" .

According to a survey conducted by Bloomberg some time ago in 23 emerging markets, the average reserves of these places is equivalent to 15% of GDP

A similar level to which he announced last year that he intended to reach Sturzenegger when he was president of the BCRA. What would be equivalent to having a deposit of 75 billion dollars

The current exchange rate held by the Center is about 11% of the PBI .

"Compared to the rest of the emerging markets, Argentina's economy seems vulnerable because it is among the countries with the least reserves." Before the IMF loan, it had one of the two lowest coefficients (8% on GDP), and it is one of the causes that exposed us to the financial turmoil of may, due to the mistrust that it has generated, "sums up Muñoz

. I do not know if there is an ideal level of reserves, but we should have the median of the emerging countries or 15% of the GDP.

How to continue?
For the badysts consulted by iProfesional persist the doubts as to whether the Go The government will be able to stop, or not, the bleeding currency, mainly because that after the significant devaluation that took place during the year, all economic variables were disrupted, such as inflation, which does not seem to diminish

. as a result, the mistrust in the city is still dormant and in these cases, before any news that appears and generates concern, the dollar will remain one of the refuges for the savers and businesses

The counterweight to this is that exports increase because of the greater competitiveness obtained, and the smaller amount of pesos that will be on the market will be dollarized by the official plan to "dry" the place.

there was a significant offer of foreign exchange that would not result in a decline in reserves for daily auctions that take place. That is why we are worried that the dollars do not come in because it is a reflection of a tight market and shows the Achilles heel of this strategy of government stabilization, "summarizes Elisabeth Bacigalupo, economist of ABECEB.

In this symphony, for Pablo Salvador, economist at the National University of Cuyo, is "fundamental that the government restores confidence in the peso so as not to continue to sell reserves beyond the $ 7,500 It is that if the Central Bank loses more than this level in the immediate "it would be a problem" because the entity should resort to new funds by paying ever higher rates for the country risk increase, to maintain the level of the reserves.

Or, l & # 39; authority "should be willing that the decrease in the stockpile [194590] 09] a fact that could cause panic and generate more uncertainty, that would end to accelerate the fall of the reserves, "explains Salvador.