The Central Bank (BCRA) exceeded US$ 4,000 million in purchases in the foreign exchange market for the first time in a period of one month since there is a record of this type of operations, driven by the extraordinary liquidation of the soybean complex.
Specifically, the monetary authority closed its participation in the foreign exchange market with net purchases of US$300 million and accumulates more than US$4.2 billion so far this month, hand in hand with settlements in the wholesale market with the Increase Program Exporter (PIE), popularly known as “soy dollar”, which will be in force until September 30.
The previous record intervention of the BCRA for a month was given in December 2011, when US$ 2,493 million were purchasedyes
Since its implementation, on September 5, the contracts for the sale of soybeans and derivatives in the grain market with the price at $200 per dollar have involved settlements in the Single Free Exchange Market (MULC) for more than US$6,500 million. , at an average rate of more than US$360 million per day, according to market data and data from the Chamber of the Oil Industry (Ciara) and the Cereal Exporters Center (CEC).
If this were kept trend until friday, day on which the program ends, the BCRA could close the month with net purchases of almost US$ 5,000 million.
The Minister of Economy, Serge Massa, ratified yesterday that the Program will end “next September 30 at 3:00 p.m.”, at the same time that he described it as “a very important successboth for the economic mobilization of our production as well as for the contribution to Argentine reserves and the global food security agenda”.
In this regard, he specified that operations may be carried out in accordance with slate values until the day and time of closing and that, “then, only the administrative procedures of said operations may be completed.”
The minister anticipated through his Twitter account that this Friday at 7:00 p.m. he will make a “final evaluation to tell Argentine society the results,” so a press conference is expected for that day and time.
On Friday at 7:00 p.m., we will make the final evaluation to tell Argentine society about the results.
– Sergio Massa (@SergioMassa) September 25, 2022
