The season of FX stress begins

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The season of FX stress begins

First week
August 2021

The last 4 business days of last week the Central Bank had to sell dollars in the FX market so as not to alter the routine of daily devaluation of 3 or 4 cents. The last time it had a seller balance for 3 days in a row was at the end of last November. Until this change of direction, the BCRA had bought USD 7,512 million in the market and managed to accumulate USD 3,638 million. The difference was in payments to international organizations for USD 1,123 million, sales to the Treasury for USD 1,171 million and the item others for USD 1,587 that includes exchange differences with the yuan, the price of gold, transactions with the Bank of Basel and especially operations to control the blue-chip-swap rate, in which the Central Bank sells bonds in pesos and repurchases them in dollars in an operation that sterilizes pesos and consumes reserves.