The Central Bank of the Argentine Republic (BCRA) continued adding dollars to its holdings, adding USD 52 million this Thursday, thus completing 19 consecutive days with a balance in favor.The central objective aims to reinforce international reserves, which reached the highest level in almost four and a half years.
During this period of 19 exchange rounds, the monetary entity accumulated USD1,134 million, within the framework of the start of “phase 4” of the current economic program.Gross reserves, which do not take into account liabilities, stood at USD 46,240 million, which implied a daily increase of 81 million dollars.This is the largest registration in the Milei era and since the end of August 2021.
The accumulation of currencies was also boosted in recent weeks by the rise in the international price of gold.The BCRA has about 1.98 million troy ounces, equivalent to 61.5 million tons, whose value exceeded USD5,600 per ounce and then settled around USD5,300 in the afternoon.The precious metal is considered a refuge asset amid the volatility that dominates international markets and its rise has a positive impact on the coffers of the monetary authority.
In parallel, the dynamism in the purchase of dollars by the Central responds, among other factors, to a greater liquidation of exports by the agro-industrial sector and the placement of debt by private companies. According to the agency’s own estimates, some USD 3.6 billion still remains to be received from firms that took out debt outside the country.These elements contributed to a greater supply of dollars in the market.
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The BCRA announced that it has the possibility of acquiring dollars directly outside the wholesale market, agreeing on amounts and prices with companies or entities, to avoid distortions in the normal functioning of the exchange market.
In this scenario of stability, the BCRA’s currency purchase strategy is consolidated as a key element in reducing country risk, which has pierced the level of 500 basis points and brings Argentina closer to international credit markets.
The recovery of bonds reflects greater investor confidence in the Government’s economic policy, which at this stage prioritizes the accumulation of international reserves, and favors the decline of the indicator prepared by JPMorgan, which compares Argentine sovereign bonds with those of the United States, considered risk-free.
After the victory of the ruling party in the last legislative elections, the index fell more than 600 basis points and currently stands at 490 units.This context improves Argentina’s position in external markets and, if the downward trend continues, would facilitate access to international financing at more competitive rates.
