He Government Argentino will receive on Monday, August 4 the second disbursement of the International Monetary Fund (IMF) for a total of USD 2,000 million, within the framework of the Extended Fund facility (EFF) agreement signed in April.
With these funds, the Government It plans to replicate an accounting maneuver already used in May, when the first shipment of USD 12,000 million was received: the repurchase of non -transferable letters to the Central Bank of the Argentine Republic (BCRA), with the aim of strengthening the net reserves of the country.
The strategy consists of an internal operation between the Treasury and the BCRA. The treasure will use the dollars received from the IMF to repurchase a portion of non -transferable letters that are currently in the hands of the Central Bank.
These letters are public titles in non -negotiable dollars, created in 2006 during the Néstor Kirchner government, when the debt with the IMF was canceled using international reserves. Although this operation does not modify the total volume of gross reserves, it does improve the position of Net reserves of the BCRA.
This is because the dollars that were held by the Treasury as lace becomes part of the external asset of the Central Bank, which makes them available currencies for possible interventions in the exchange market.
From the accounting point of view, the transfer of dollars between units of the national state implies a change in the state creditor, without altering the global currency stock. In practical terms: Special Rights of Giro (DEG) that the IMF transfers to the Treasury is initially deposited in the BCRA as lace.
Balance
Once the repurchase of non -transferable letters is carried out, these funds become part of the Central Bank asset, integrating net reserves. For him Governmentthis reinforces the capacity of the BCRA to intervene in the market under the flotation scheme administered between bands.
According to data from the Becra balance as of July 23, the entity had USD 16,753 million in non -transferable letters, a decline compared to the USD 23,713 million registered in early May. This difference reflects the first repurchase operation carried out in that month.
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