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Financial News: ARGENTINA: Government To Announce Sale Program Of Up

ARGENTINA: Government To Announce Sale Program Of Up To US$ 7.5 Billion

06/13/2018 - 19:38:00 (RTTNews)

(RTTNews) - The Argentinean government is expected to announce soon a sale program of up to US$ 7.5 billion as part of the agreement with the International Monetary Fund (IMF) for budget support, said the Ministry of Finance in a press release. The move comes in the context of renewed interventions by Argentina's Central Bank (BCRA) in the foreign exchange market after launching a policy of FX floatation last Friday.

"The program should consist of pre-announced daily sales that should be executed through an auction mechanism carried out by the BCRA at the request of the Treasury," said the ministry, without giving details on the program.

The BCRA again intervened on Tuesday with a selling participation of US$ 695 million for the first time after the agreement with the IMF and with the dollar operating a "free market" to interrupt an unchecked rise of the U.S. currency before the arrival of a first tranche of the US$ 50 billion that the government requested from the Fund.

Earlier, the managing director of the IMF, Christine Lagarde, endorsed the plan presented by the Mauricio Macri administration to close the stand-by agreement. However, the request still needs the approval of the Executive Board of the Fund. The idea is that the financing would be released on June 20, as requested by the Argentinean government.

According to the IMF statement, the Argentinean government requested that one-third of this support be disbursed with the approval of the program and that half of that amount (US$ 7.5 billion) be available for budget support.

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