Central Reserves Reach USD 67,000 Million and Set Historic Record

International reserves reached $ 67 billion, the Central Bank reported on Wednesday.

This is the highest value of the historical series, surpbading even the record of more than $ 52,650 million in 2011 and the $ 63,250 million reached with the first disbursement of the agreement with the IMF in June 2018. Even more than the peak of nearly 64,000 million dollars was reached with the megacolocation of debt of Luis Caputo in January 2017.

As a result, the three disbursements of the International Monetary Fund on June 22, October 30 and December 21 totaled $ 28,297 million, as did foreign exchange with China, which currently stands at 19 percent. 750 million. of dollars.

International reserves increased by USD 8,725 due to the expansion of trade with China

Guido Sandleris' daily purchases of international reserves also played a crucial role. Since the beginning of the year, the monetary authority has purchased $ 785 million of foreign exchange market interventions. On January 10, with a lower exchange rate than the non-intervention zone, the Central Bank began to participate as a buyer in the foreign exchange wholesale market with a ceiling of $ 50 million per day, which in February, increased to $ 75 million per day and $ 1,100 million per month.

The station announced that starting in February, you could buy up to $ 75 million a day.

Indeed, so far this month, it has acquired $ 275 million. And for the moment, according to the Central Bank: "The variation of currencies against the dollar, foreign securities and other financial instruments forming part of the reserves showed a negative balance of $ 21 million BCRA made purchases for a total of US $ 75 million in two tenders, payments to international organizations in the amount of US $ 232 million, and one payment for SML transactions for US $ 1 million. US dollars.

Although this value is correct, when badyzing net reserves, the amount is less than one-third. The estimates of the consultant Eco Go, place them around 20.1 million dollars, once net of the swap, the 2 000 million of the loan of the bank of Basle, reserves (14,130 million dollars) and about 10,700 million dollars remaining from the last two disbursements of the IMF.

"We are living in a brave summer for the Central Bank: with the dollar under the floor of the non-intervention zone, which allows you to buy dollars and rebuild net reserves, which broadens the base , which goes along with the compression of the Leliq rate from 60% to 48.8% so far this year is the best possible scenario for the BCRA, "explained Federico Furiase, director of Eco Go, at the LPO, while warning that "it is essential to monitor the evolution of term deposits compared to its alternative, dollarization, while the Central Bank continues to lower interest rates ".