Wednesday , January 26 2022

Discounted on the market from the Treasury to $ 1,100 million from the Central Bank



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The Central Bank met the monetary base for December December, but the maneuver of rumors and suspicions on the market: the $ 43,699 million of the Treasury, which was committed on December 28, against the incumbent of the IMF.

However, Sandler continues to fulfill his goal, so that more than one month of liquor is needed to absorb liquor letters (Leliq). In any case, over 2,000 million dollars were proposed at the beginning of the month.

Logically, for this purpose, it is advisable to estimate a higher interest rate without the Treasury, in order to achieve this, the financing of the private sector and the effects of the current recessive process. In December, the rate was 59.3% nominal.

With respect to the fulfillment of the monetary aggregates target, the Central Bank emphasized in December that "the average monthly balance was $ 1,337 million, less than $ 14 billion under the target, less than $ 16 million from the Central Bank Currency Committee (COPOM) demand for capital (+ 8% 7 billion per month, 55 billion dollars), which exceeded the seasonal bias and, at the time of the registrations, of the nominal instability 2018.

Official sources have confirmed that the operation was made at the request of the Ministry of Finance, although Pesos' funds were required, to cover expenses at the expense of Banco Nacin, "he could not disassemble his positions in weight, but I was the Dolares".

Disability for the sale of the money market Until the 2019 established by the IMF was not required by the Treasury, they asked the Central Bank to change pesos in dollars, and Sandleris agreed to get the money base more than the margin. leave it

The Treasury's request was made, despite the fact that it was necessary to cover the last year's expenses assigned to Banco Nacin, "could not disarm its positions but in dollars".

"Dolari's purchases are not reflected in International Reserves, as they are changes in asset composition, but their composition improves the quality," highlighted by the Central Bank. Increase in the amount of the payment of the third installment of the MFF program stand and the exchange of the exchange with the People's Republic of China Bank. "The balance of international reserves at the end of December was 65,806 million dollars, which represents an increase of $ 14,613 million compared to the previous month."

As an advanced LPO, $ 1,155 million sales were approved by the Treasury for a 2019 settlement of $ 175 billion ($ 4,500 million), prior to December 28, at the Ministry of Finance, Banco Nacin had equivalent liabilities of at least $ 3,400 million.

Dujovne confirmed the IMF loan over $ 9 billion

The uncertainties about this maneuver market are divided into three directions: firstly, Sanddy Diesel is trying to make the most of his anti-inflation engagement with Dujovne, an important market analyst at Oka. "Sandleris overcame 3 squad to pass the goals and he has scored 4 squats with what his predecessors did and said they did not".

Secondly, because the economic group asks for errors in calculating. In January, they could sell securities on the market that they sell in dollars, as agreed with the IMF, it is not understood that the Treasury Secretary, Santiago Bausili, faced with the maneuver that has been susceptible to the Banco Nacin over the last three days. It should be noted that on December 26, two days before, the market had dropped 43,372 million bills.

Quarterly LPO sales were reported on December 28 for two reasons: "1- Let's make the dollar available for spending / debt to be legitimate," and "2- Guarantee good working capital for the first quarter of the year."

The third point is that Banco Nacin is already creating new suspicions about the financial situation. The source query did not explain why the money in the bank was not available to the bank. The market specifies that when Bausilik has no mistakes in calculating the money to immobilize in fixed terms, the measure indicates the liquidity of the bank headed by Javier Gonzalez Fraga.

NACIN acknowledges the need for $ 1 billion of PPP's trust

The organization's employees have long ago indicated that due to the lack of liquidity of the Bank's operation, the Budget Law requires at least $ 20,000 million annually. The second assistant to the Dante Sica program was offered to the SME support program and, thanks to subsidies, the discounting of checks.

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