The Mid Bank has shown the best balance in six years, but worrying concerns



With assets especially in money and money susceptible in pesos, dollar movements – and confirmation in the 2018 economic and financial budget – balancing balance from the Central Bank with "liquefaction" and how the Lebac disappeared.

According to the last ones Summary of Assets and Duties From the Center, updated to November 30, Leliq stock reaches $ 711,436.7 million. If you put the rest of Lebac in, for around $ 116,318 million and other issues, the BCRA debt trusts to 832,686.5 million pesos.

This amount represents 67.2% of all the money in which the economy works, the Grammar (money in circulation, closing checks and deposits in current accounts), for 1,238,890.7 million pesos. The financial unit to this level of the Cash Base was maintained until June 2019.

When you look at the active of the central equation register, Leliq and Lebac represent 42.8% of backups International measures in pesos, at $ 1,946,453.9 million on November 30 (USD 51,193 million at an exchange rate of $ 38,0217).

As a result brutal valuation of the Argentinian piece in 2018, more than 50%, and sales of resources for disarmed behave trade from April 25, which came to an end in operation with her; eliminating the Lebacs, level The effects presented by BCRA for reserved resources fell from 111% on 23 April 42.8% on November 30.

It must be remembered stock of Lebac April last 23 arrived $ 1,377,767.4 million, in front of international reserve for $ 1,238,723.8 million (USD 61,185 million, at an exchange rate of $ 20.25 per dollar).

Likewise debt stock in the employee's balance sheet, equal to more than USD 60,000 million or 11% of GDP, with a high level of interest, above the property in foreign currency, caused in a financial market, with a dollar that doubled its value in five months, to date over 41 pesos on September 28.

The best balance since 2012

That is there go back six years ago to find the tight bond between paying responsibilities and backups. According to the largest balance sheet on 7 December 2012 backstores international measures came in pesos $ 220,707.3 million (USD 45,397 million, at an exchange rate of $ 4,9288), as long as it was certificates issued by the BCRA (Letters in local and foreign currency) added $ 96,312.4 million, 43.6% of these resources.

The financial authority argues that the current cash policy scheme has been implemented since October, when it came to Guido Sandleris to the presidency of the entity, "which is A number of factors that form the basis for sustainability of those liabilities. "

"In the last few months Central Bank balance balances both in terms of GDP and international resources, with which the starting point is to bring a larger room to move to its & # 39; new financial policy, "says the Central.

Between April and September, Argentine Central Bank's responsibilities fell, and including letters, notes and passes, from 11.2% of GDP to 5.6% of GDP, and the ratio for international resources was from 110% to 40%. one hundred

"This definition was first explained by Lebac's valuable demand from the private sector that had not been a bank since the inception of the financial accident in April and, after that, Armor stocks put forward their Bank. Mid to August In the case of its international resource ratio, the registered increase with that exchange rate also contributed to & # 39 ; affecting ", he summarized the cash unit.

Laigse of resources

The broad view of the Central Bank is still donated many problems. Le a level of direct interest below 60% In pesos, the increase in debt advances is faster than the dollar value, with the continued reduction of the balance sheet.

On the other hand, the Argentine economy needs Overcomes the rest of current accounts -Support and tourism and services- until there is net dollar income consolidate resources BCRA in a real and authentic sense of independence on external credit as a foreigner money store.

Today, the international resource held by Central America is near there USD 50,000 million, but this includes IMF Money, which is only available to pay debts, an "exchange" with China, loan from Basel Bank, remains of the REPO with banks and investments private in foreign currency.

So the international reserves available USD 14,771 million to November 23, according to calculations by Balanz capital. It's a sum It rarely covers five months of exportation.

Balanz said "the BCRA did not participate in the exchange market in October and November. changes in conservation internationally as a result two factories: IMF arrangements and debt payments ".

"An bare resources (obligations were secured by private sector, quadgonomic and REPO groups, loans from banks supported by public relations) Stables around 14,700 million USD in November"he said.


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