In the midst of the controversy over failed loan for US$ 20,000 million with international banksthe United States Treasury made it official this Friday that Last month it sold Special Drawing Rights (SDRs) to Argentina for US$ 872 millionto be used for the payment of obligations with the International Monetary Fund (IMF) for about US$ 796 million.
The evidence of the movements in the BCRA indicates that These dollars were later recorded as part of the swap with the US that was activated after the elections. That is, now they count as Argentine debt towards that country. The Milei government maintains total obscurantism regarding the transactions, conditionalities and negotiations carried out with the North American government.
The information comes from the latest reports from the North American Exchange Stabilization Fund (ESF), which show that on October 15 there was an increase in Argentina’s holding of SDRs by 640.8 million (today one SDR is equivalent to $1.4) and that the US SDRs were reduced to the same extent. This suggests a transfer between both countries. Likewise, on the United States Treasury website, directed by Scott Bessent, there is a “sale” of these coins to Argentina for US$872 million.
He “rescue” of Trump and Bessent to the Argentine governmentin the midst of a pre-electoral exchange rate run, had included purchases of pesos for approximately US$2,000 millionof which the government also refuses to give details and conditions. It follows that these pesos were invested in BCRA bills.
After the national legislative elections, these bills were sold and the operation was recorded as the activation of a part of the swap that had been previously announced. Consulting firm 1816 calculated that With that maneuver “the United States earned around USD 53 million with its investment in pesosexcluding interest rate performance. YesAdding the carry trade, that profit was around USD 70 million“.
“The Government would have already activated close to US$2.7 billion of the swap with the US; US$2.0 billion would have been returned to the US treasury (after its interventions in the MLC before the elections) and the remaining US$700 million would have been used to pay interest to the IMF,” the consulting firm Fernando Marull & Asociados had pointed out a few weeks ago.
The consulting firm 1816 also stated that “at the end of last month the swap with the United States was activated for about USD 2.5 billion” and that “The BCRA had gone from owing Pesos to the United States to owing Dollars“.
Source: www.laizquierdadiario.com
