Sunday , October 24 2021

IMF disbursement has arrived and Central Bank reserves have reached their historical record



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In the last disbursement of 2018, The International Monetary Fund completed the transfer of $ 7,619 million to the government, the total amount was immediately reflected in the balance sheet of the Central Bank. With the injection of dollars, The Central Bank's international reserves closed on Friday at a level of US $ 66,343 million, the highest ever.

The current level is approximately $ 3 billion higher than the previous high of USD 63,906 million, reached in January 2018. At that time, the jump in reserves was due to the entry of $ 9,000 million obtained by the then Minister of Finance Luis Caputo to cover the financing needs.

a Similar jump is no less, with only 14 episodes of variations of more than $ 3,000 million recorded in a single day in the last two decades.

There were three cases on the way to the convertibility crisis. So in the middle of the negotiation process to get out of the pattern, they decreased by US $ 3,004 million on March 9, 2004, with Néstor Kirchner as president and Roberto Lavagna as minister (USD 3,099 million recovered 15 days later). And with the first exchange of debt to 75% of the total and takes near 70%, Kirchner decided to cancel the debt with the IMF and reserves fell $ 9,498 million, from $ 28,078 to $ 18,580 million.

Currently, most of the reserves are tied to other organizations operating outside the country. About $ 19 billion swap of currencies with China, after that at the beginning of the week the expansion of the same occurred for 8,725 million dollars.

Gross reserves also include $ 6 billion repos banking, since credit lines are known between the Central Bank and private entities.

The $ 7,619 million received today was approved by the IMF's executive board on Wednesday, which indicated a favorable view of the Government's progress in fiscal and monetary matters.

In the statement, David lipton, Deputy Managing Director of the Fund, said: "There are indications that the reformed program of economic reform, including a new monetary policy framework, is paying off."

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