IMF disbursement has arrived and central reserves hit record high of US $ 77,478 million

Finally, after the approval of the latest revision of the agreement to be listening, came the fourth disbursement of the International Monetary Fund. SoAt the $ 10,835 million inflow today, international reserves reached a new record high of $ 77,478 million.

"The change in currencies against the dollar, foreign securities and other financial instruments included in the reserves generated a positive balance of 33 million euros.On the foreign exchange market, the BCRA had no participation. Revenues corresponding to the fourth tranche of the credit were recorded Waiting with the International Monetary Fund for an amount equivalent to USD 10,835 million. Finally, a payment has been made for transactions carried out via the SML system for an amount of 3 million dollars ", explained the daily release of the Central Bank.

The previous maximum limit for reserves in the coffers of the monetary authority had been set at March 3, while US $ 68.578 million had been reached, a few days after the agency had accounted for the income of REPO, from $ 1,250 million from Goldman, Nomura, and other international entities; and renewed USD 1,000 million from Deustche Bk.

For this year, the projection of gross reserves with the IMF amounts to 62.2 billion USD. This IMF "quota" will be used throughout the year for budget support – which includes the daily sale of $ 60 million a day from the Treasury to make pesos – and to pay the maturities of the currency debt. national.

Meanwhile, reserves can only be sold up to 150 million USD per day when the exchange rate cap is exceeded. And $ 50 million below the exchange rate range. Because the exchange rate floats freely in the non-intervention zone.

Last Friday, the board of directors of the International Monetary Fund approved the third revision of the program Standby with Argentina and authorized the shipment of USD 10,870 million, the largest disbursement this year.

The government hopes to use this money as part of its strategy to ensure currency stability until the presidential elections in October.

In the statement, Christine LagardeCEO and Chairman of the Board, begins with praise, but then marks flaws, such as inflation. He said that the policies "They are bearing fruit," said the French official, explaining that "financial volatility has increased in recent weeks" and that "the results in terms of inflation have disappointed".

The new reserve position of the Central Bank is also record in relation to GDP, with just over 17%; It also ranks among the highest in decades for import coverage, with just over 19 months.

These parameters are not expected to last long, because on the one hand, almost all IMF disbursements are designed to cope with the maturity of the public debt, given the persistence of the near-closure of the international market. requires securities at rates below 5% annual Moreover, as a result of continued sustained monthly recovery in economic activity, imports of intermediate consumer goods and consumer goods, such as automobiles, will increase again.