Since April 13, the reserves have not finished a round below US $ 40,000 million. It should be remembered that between December 2020 and August this year, they exhibited a significant improvement, hand in hand with high commodity prices and record exports in a decade.
The disbursement to the IMF was made with the Special Drawing Rights (SDR) that Argentina received from the organization itself in August, and which increased the resources of the entity led by Miguel Ángel Pesce, despite the fact that it was already suspected that they were they were going to use to repay debt with the Fund.
In the last quarter the situation began to deteriorate; Since the end of September, more than US $ 4 billion have been lost. Net reserves, which are those that do not have a liability as a counterpart (that is, they exclude contributions from international organizations, swaps with China, etc.), are around US $ 2,600 million.
Meanwhile, the BCRA has chained eight days in which it did not sell foreign currency but neither did it manage to accumulate a significant positive balance, in the middle of the start of the wheat harvest season.
The payment to the IMF was made in the middle of the negotiations to restructure the conditions of the debt, which would imply payment obligations for some US $ 19,000 million by 2022, of which US $ 3,900 million are for the first quarter, yu $ 2.9 billion in March alone.