BCRA Reserves Exceeded US$50 Billion: Why They Warn About the Pace of Purchases and the "Roof" to the Dollar
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4 Articles
Reserves exceed USD 50 billion and reference rates continue to loosen. The retail dollar moves around $1,517.
The Central Bank’s international reserves (BCRA) once again broke the $50 billion barrier after recording a $410 million advance that left the gross stock at $50,002 million. However, in the financial arena they warn that this accounting milestone was not the result of a genuine accumulation of foreign exchange, but rather the result of the...
The gross stock advanced US$410 million and closed at US$50.002 million, supported by a strong improvement in valuation. However, the BCRA bought just US$15 million and the rate of accumulation in August remains well below the previous months.
The Central Bank sharply reduced the rate of buying dollars in August, just as the wholesaler was once again stuck to the benchmark of $1,500. On the last wheel, the entity acquired only USD 10 million, the second lowest figure since the beginning of the accumulation program.The lower official presence removes buyer pressure from the market, but also slows one of the central objectives of the economic scheme: adding reserves.The moderation does …
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