The measure announced by the Minister of Economy, Sergio Massa, estimates to generate US$700 million per month that will go to the BCRA reserves
By iProfessional
26/04/2023 – 14,56hs
The Minister of Economy, Sergio Massa, announces a program that seeks to expedite the yuan importswith the objective of bring relief to the dollar. The official’s initiative will be to replace, in May, US$1,070 million that were going to be paid in US currency.
In addition, as of May, there are US$790 million that will stop being imported in US currency and they will be imported in yuan taking advantage of the swap activationwhich will bring relief to the coffers of the Central Bank.
Argentina replaces dollars with yuan for imports
The measure is part of the announcement made by Massa through his Twitter account in which he assures that the “State will use all the tools” available to order the situation. In this sense, the announcement of this Wednesday is added to the intervention in the market, loans from multilateral organizations and renegotiation with the IMF.
The activation of the swap with China for imports, then, will save dollars that will go to the BCRA’s coffers and will also expedite the importation of many goods for the different activities that make up the national economy.
China made the fourth disbursement of a billion and in a week the fifth will enter,” that is, there will be another $1 billion freely available.
This way, the conversion of operations for a value of US$5,000 million was enabled that had been agreed with the People’s Bank of China.
It should be noted that last month Brazil and China reached an agreement to set aside the US currency for all types of bilateral trade, a move similar to the one carried out by France to purchase liquefied gas in yuan.
The Minister of Economy, Sergio Massa; the Chinese ambassador to Argentina, Zou Xiaoli; Ministry officials and Argentine businessmen. “We reprogrammed the payment instrument for more than US$1,040 million for this month of imports with Chinese origins, which stop weighing in the outflow of our dollars and become a flow of yuan”explained the head of the Palacio de Hacienda.
He added: “In addition, allows us to advance the pace of imports”.
Massa’s announcement comes after a skyrocket in the blue dollar, which was quoted at 497 pesos and registered a drop of 20 pesos this Wednesday, to reach $475. In this line, the leader of the Renovation Front assured that he will use “all the tools of the State” to resolve the economic situation, which forced a meeting between the President and the head of the Central Bank (BCRA), Miguel Pesce.
