In a wholesale session whose amount operated in the cash segment reached USD 230.5 million, the Central Bank registered sales for USD 45 million to attend the demand. “The balance of January changed sign, now it is negative by about USD 48 million, due to sales of the Central in the market,” said Gustavo Quintana, agent of PR Corredores de Cambio.
Gross international reserves fell on Wednesday USD 175 million and ended at 42.480 million dollars.
The BCRA sold dollars in the wholesale market for the fourth consecutive day
The entity parted with USD 34 million for its intervention to supply foreign currency to imports. Since Tuesday, it has accumulated cash sales of USD 147 million, but in January it maintains a favorable balance of USD 137 million
“Everything indicates that the restrictions on private demand are far from being lifted, so it is practically guaranteed that the contraction of activity will extend in the coming months -remember that the EMAE is published with a delay of two months-“, they pointed out. the analysts of Portfolio Personal Inversiones.
“The BCRA has great difficulties in increasing its stock of net reserves, so it will have to manage it until the next heavy harvest is settled, the start of which could be delayed from April to June given the weather conditions. The strategy that would be used would be an even greater tightening of the importing stocks ”, they added from Personal Portfolio.
In addition, the dollar bond repurchase plan announced by Minister Sergio Massa would be carried out with BCRA net reserves, reasonable given a Treasury that has a fiscal deficit. In principle, it was established that the foreign currency would be provided by the Treasury and that the BCRA would only act as a financial agent, which would have affected gross reserves, but not net ones.
Markets: with a rebound on closing, the stock market rose again and maintains a 25% rise in January
The S&P Merval gained 0.7% to 252,107 points. Dollar bonds also operated positively, with an average gain of 23.5% in the month
“In the next few days, the Government will make an interest payment to the IMF before the resumption of technical talks with the agency’s staff, in which it will seek to unlock the first disbursement of the year for USD 5.4 billion, after reviewing the accounts Q4 2022 public releases,” Research for Traders said.
In this regard, it will be extremely important to approve the quarterly reviews this year since the flow with the agency is negative for USD 1,760 million. Not receiving the IMF disbursements would imply using the stock of net reserves in a context that the drought augurs a very challenging outlook for the MULC.
With the fulfillment of the 2022 fiscal goal, the Government ensured the IMF disbursement of USD 5,540 million in March
“Meanwhile, a loan of some USD 2.5 billion is being negotiated with a group of banks, with the aim of maintaining a minimum level of reserves. Like every quarter, the Fund will pay attention to meeting the deficit targets, but also to the decision to use Treasury resources to face a repurchase of dollar bonds”, they pointed out from Research for Traders.
Financial day: the free dollar rose to 381 pesos and the streak of gains for stocks and bonds extended
The S&P Merval gained 0.7% and accumulates an increase of 25% in January. Global bonds rose 2% on the back of the official debt buyback plan
In the case of passing the review with the support of the board, in the last days of March the Government will be a creditor of those USD 5,400 million, but before that, some USD 685 million must be paid to the IMF on January 30 and another USD 691 million on February 1st. Then in March another 2,691 million dollars will have to be paid.
Dollar live today: the free price is sold at $383 and the exchange gap reaches 107% In 2022 the field contributed more than USD 55.2 billion in exports, almost 8% more than the previous year The Government will pay the IMF USD 1.4 billion before restarting the technical negotiation in WashingtonSix keys to understanding how the latest rate hike by the Central Bank affects saversBank shares rose due to rumors of a drop in repo rates
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