Central Bank's international reserves increased by USD 646 million, representing a 1.6% rise, reaching USD 40.887 billion. This is the highest level since February 2, 2023, when they reached USD 41.019 billion.
This increase is explained, in part, by the inflow of USD 500 million corresponding to the issuance of the second series of Bonte 2030 carried out last week, in addition to the revaluation of other assets held by the institution.
The Ministry of Economy received on Monday the USD 500 million issued on June 13. This same operation is expected to be repeated during the current week, for a similar amount, allowing foreign currency to be added to the reserves without the need to intervene in the official foreign exchange market.
This instrument is subscribed in dollars, but its payment is made in pesos. Bonte began to be used on a trial basis at the end of May and has already provided the economic team with an injection of USD 1 billion. The mechanism works as follows: local or foreign investors deliver dollars in exchange for a bond that will be repaid in local currency, offering an interest rate higher than the inflation estimated by the market.
"Meanwhile, as the political scenario is being evaluated, especially the movements of Peronism after the conviction of Cristina Fernández de Kirchner, investors are also closely monitoring the strategy for reserve accumulation," explained economist Gustavo Ber.
