2024-07-15 00:37:07
he Ministry of Economic Affairs This Sunday report will continue to buy central bank required currency Bear all interest payments on Globales and Bonares bonds expiry date January 2025.
This operation will be performed using a portion of the corresponding pesos Financial surplus achieved in the first half of the yearas of May, the cumulative $2.3 billion.
Los $1.528 billion The corresponding amount will be deposited with the trustee, bank of new york, The remainder may be used only for the above purposes.
A report prepared by the Rosario Stock Exchange (BCR) shows that tax withholdings in the agricultural sector doubled in the first half of this year compared with the same period in 2023, but were lower than those recorded in 2021 and 2022 .
The entity estimates that between January and June, agriculture’s contribution US$2.66 billion Pay export duties (DEX) to the treasury, This represents a 160% increase over contributions in the first six months of 2023estimated at $1.153 billion for the period.
The analysis links the increase in tax collections to the recovery in production following the effects of the drought that affected agricultural activity in 2023, while explaining the decrease in tax collections compared to the first two years of the previous year as a result of lower export volumes and lower international prices.
In this sense, BCR shows “Despite the significant year-over-year recovery, compared with previous years, this figure is still below the $4 billion raised this way in the first six months of 2021 and the first six months of 2022.” and insisted that “this can be explained by the increase in the quantity of exported grains and the increase in export prices in recent years.
Treasury announces purchases and transfers of U.S. dollars in January 2025 to serve the interests of Globales and Bonares
The Ministry of Economy will continue to purchase the foreign currency required from the BCRA to meet the total interest payments on the Globales and Bonares bonds…
— Ministry of Economy (@Economia_Ar) July 14, 2024
Currency tensions: Javier Mire and Luis Caputo announce ‘zero emissions’
Last week, market tensions led to Blue dollar hits new record of $1,500 Financial exchange rates settled comfortably above $1,400.
Against this background, the government decided Change strategy in response to dollarization pressures. The BCRA will once once more step in to close the gap of more than 60%. Milei announced this Saturday its decision to stop issuing pesos for the purchase of U.S. dollars on the Single Market (MULC).
With new exchange rate policy management, Treasury hopes Largest official dollar quote resulting in financial markets Exchange rate differentials fell.
The decision was announced hours later by the Treasury Department. Canceling bondholders’ debt aims to influence marketsfor avoid new negative reactions, As has happened in recent days amid currency tensions and central bank reserve shortages.
At once Year, BCRA purchased approximately $14.3 billion on the market (although only Try to keep a reserve of $5,200). In exchange for these dollars, the entity injected more than $12.2 billion into the market.
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