Strong bleeding reserves | BCRA is studying the limits …

The reserves are in free fall. $ 1287 million collapsed this Friday. It was reported by the central bank in the afternoon. During the past week, a decrease of $ 3904 million has been accumulated and $ 6370 million over the last 4 weeks. Concerns about the amount of available currency are increasing. The decline in foreign currency deposits is another element of tension. Between Monday and Tuesday, they recorded a decrease of 733 million.

The dollar closed yesterday at 58.12 pesos. He lost 1.60 pesos that day. But the increase has been 11 pesos since last Friday. The rumor of the market is that yesterday there was a climate of high tension within the economic team. The main problem would have been due to the fact that there had been no agreement between the officials to make the payment of the debt this Friday. That would be Repo's debt for an estimated $ 3.8 billion. The payment authorization could be for next Tuesday. The central region is facing a sharp decline in reserves and a further decline in this amount would imply a sign of strong weakness vis-à-vis investors.

For now, the Central Bank intervened with $ 500 million from Monday to Wednesday. But the decrease in reserves is greater than this figure for two reasons. The first is the repayment of debts. The second is that the big funds would withdraw their currencies from the domestic market.

In the central show A project to control the turnover of foreign currencies would have been seriously badyzed this week. The controls would have no impact on the purchases of small and medium savers (purchases would not be limited to $ 50,000). But it would act to curb the outflow of dollars from overseas deposits. This would also limit the profit business figure. This Thursday, the project of control of the capital account would have been stopped on direct mandate of the executive.