The gross reserves of the BCRA fall by 14% in 2023.

The amount traded on the spot segment of the wholesale market reached USD 394.2 million, with sales to the Central Bank for $66 million.

BCRA records March net sales of $199 million in MULC and comes from February sales of $890 million, an all-time high for the second month of the year, due to lower agricultural sales due to drought . During the year 2023, the negative balance of the Central in the MULC reaches 1,281 million dollars.

“Drought, a failed buyback program, the effects on the soybean dollar market and the inability to reach a REPO agreement make it difficult to meet the international reserves target for next March – and for the ‘year?-, which would favor a renegotiation of the agreement between the government and the IMF, “said the consulting firm EcoGo. “The key point would be when and how much net international reserves should be accumulated, not payments to the agency,” he said.

The ace Reservations BCRA’s gross exchange fell $197 million on Tuesday and ended in USD 38.320 million, a minimum since December 2. Reserves are down $6,268 million or 14.1% since the start of the year.

“The announced new ‘Malbec dollar’ adds another distortion to the already existing exchange rate salad,” he said. Roberto Geretto, Fundcorp analyst. “These new starter exchange rates promise to underperform the ‘soybean dollar’ because the amounts involved are smaller in terms of exports, and also because improving prices may start to have a impact on CPI (inflation), unlike soybeans which have virtually no internal consumption,” he added.

“Even if Argentina does not have to respect to the letter what was initially committed in terms of accumulation of reserves, the expectations of economic agents will continue to be affected by the fragility of the Central Bank’s balance sheet, with external assets which contract and liabilities in local currency which increase at full speed”, indicates a report of the General of the Mediterranean Foundation.

“The latest projections of the harvest and its impact on Argentine exports force us to recalculate foreign exchange flows and growth for 2023. The direct and indirect impact of the drought on production would produce a drop in GDP of around 1, 5% this year, with the risk of increasing if the lack of rain persists”, he estimated. Delphi investment. “Gross reserves (of the BCRA) would fall by around $10 billion, due to the consequent adjustment of imports in an environment of lower domestic activity,” he said.

“We will have to wait until April for those (producers) who can harvest for the commercial flow to start. It has to do with some speculation the producer was holding back. He’s not holding anything back, he has nothing to sell and that’s the reality,” he said in radio statements. Jose Martins, president of the Grain Exchange of Buenos Aires. “In general, grain marketing is always done upstream to ensure logistics and commercial flow. Today there is panic because the producer does not know what harvest he will have and so he does not sell anything”, he added.

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