The government took advantage of the agricultural sector's foreign currency inflow and added nearly $1.9 billion in a single day
The Treasury was the central player in the accumulation of foreign currency, displacing the Central Bank's usual operations. This mechanism seeks to take advantage of the extraordinary flow caused by the agricultural sector and channel it toward strengthening reserves.
Simultaneously, the Central Bank imposed new restrictions on individuals with the aim of closing an operational loophole that enabled speculative maneuvers known as "rulo". This operation consisted of buying dollars in one market and selling them in another to profit from price differences. Until now, the restriction applied to companies, but the institution decided to extend it to individuals as well, after detecting that company executives had operated as individuals to transfer funds to the "contado con liquidación" (CCL).
The maneuver aims to contain abrupt movements in exchange rates in a scenario where the supply of foreign currency from the agricultural sector may cause temporary declines in the official dollar, while financial prices react with greater delay. The monetary authority thus seeks to avoid mismatches that encourage speculation and fuel the so-called Formation of External Assets (FAE).
In summary, the Government found in the settlement of the agricultural export sector an opportunity to rebuild reserves through the Treasury's actions, while the Central Bank tightens market access conditions for individuals. The official strategy combines the capture of extraordinary foreign currency with the intention of closing gaps to prevent financial maneuvers, in a context where reserves are once again showing rising figures.
The Central Bank's (BCRA) international reserves climbed by $1.889 billion this Friday, September 26, reaching $41.328 billion, the highest level in a month. Market estimates indicate that a large part of this improvement was explained by direct Treasury purchases in the Single Free Exchange Market (MULC).
Meanwhile, net reserves stand at around $7.5 billion, reflecting the impact of the strong inflow of foreign currency from the agricultural export sector. The accelerated settlement of nearly $7 billion, favored by the temporary removal of export duties, allowed the Executive to strengthen its coffers in a context of greater dollar availability. According to consulting firm 1816, between this Friday and next Monday, approximately $4.4 billion more should be completed to reach 90% of the announced amount.
