Source: Buenos Aires Herald
07.09.2010
International reserves once again exceeded the US$50 billion mark, boosted by an intervention to the Central Bank by the market in a record purchase of US$262 million.
The monetary entity detailed that the reserves closed at US$50.162 billion, US$286 million more than Wednesday's closing, according to Economy Ministry sources.
The Central Bank's intervention was what made the difference, due to the strong foreign exchange settlement on behalf of the agro export sector, since the variation of the Argentine currency before the US currency, along with the external bonds that make up the reserves, drew a negative balance.
Although the reserves exceeded US$50 billion, the record continues being US $50.517 billion, registered on March 27, 2008.
The current level of reserves was already reached on March 12, 2008, only 24 hours after the government announced the approval of resolution 125 concerning farmers' export duties, which gave way to a harsh conflict between the State and field employers.
In this way, after the maximum historic level of US$50.517 billion, an important decrease began, which was aggravated by the international crisis led by Wall Street due to low-quality mortgages.
The decline deepened in the following months until it reached a floor of US$44.973 billion on November 3, 2008.
The data from 2009 shows a certain zigzag, attributed to the pre and post electoral expectations, to the economic progress, and to the new political scene.
In 2010, a regression was registered between February and April, linked to the situation generated by the changes in the Central Bank's governance and the national government's decision to pay debt maturities with available reserves.
The increase in reserves, economists agree, allows the reduction of levels of vulnerability in the local economy and possesses anti-cyclic characteristics, as shown during the latest global crisis.
Además, a diferencia de otras oportunidades, la acumulación de reservas no fue la contrapartida de mayor endeudamiento externo, sino que obedeció a los fuertes excedentes comerciales y los superávit de cuenta corriente, según destacaron en diversas oportunidades el BCRA y el Ministerio de Economía.
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