The BCRA refinanced a US$6 billion loan with international banks until 2028 with a cheaper rate

In this way, he achieved refinance a previous loanalso with foreign banks for the same amount and which ended between this year and 2027. For the new credit operation, it will pay a lowest interest ratewhich is made up of a variable rate (called SOFR) plus a 4% additional annual.

Thus, the BCRA will have a wider margin of intervention in the exchange market because will strengthen its reserves position net. “This measure strengthens its liquidity position in foreign currency and improves the predictability of its foreign currency flow, favoring an orderly functioning of the local exchange market,” the monetary authority explained in a statement.

The Central needed to give in exchange for those US$ 6,000 million a guarantee. These types of REPO-type operations require collateral, and in this case bonds from the Ministry of Economy that were in the BCRA portfolio were used.

A few days ago, an operation between the Treasury Palace and the entity chaired by Santiago Bausili preannounced the closure of the operation reported this Friday. On previous occasions, the BCRA’s own foreign currency securities, which are the Bopreales, were used.

Strictly speaking, what the Central announced is the termination of the previous REPO credits (it accumulated three loans of this type, made official in January and June 2025 and in January of this year) and which had the payment deadline dates between October 2026 and April 2027.

And in the same movement in which he canceled those three operations, opened a new unified one that will have an end date of September 2028after the presidential elections. The economic team decided to activate a refinancing of these credits in advance to avoid it being an element that adds exchange unrest closer to the elections.

“The BCRA will continue to implement actions aimed at sustaining the macroeconomic and monetary balance achieved, strengthening its balance sheet and consolidating an environment of predictability and stability,” concluded the Central’s statement.

The economic team tries to minimize as much as possible the possibility that the next electoral calendar will once again generate episodes of financial volatility that could impact the economic climate.

At the beginning of the month, the Central Bank anticipated a US$22 billion plan based on three pillars. The first is the refinancing of REPOs like the one announced this Friday.

And also the use of future dollar contracts to moderate devaluation expectations, and the availability of two currency swap lines with other central banks.

The vice president of the BCRA, Vladimir Werningmaintained in a recent presentation that “the BCRA not only accumulates reserves directly through spot purchases (in the official market), but also resets its ‘fire capacity’ with 3 other exchange liquidity instruments (for US$ 22,000 million).”

Regarding the contracts of future dollarone of the tools that the monetary authority has to intervene in the market. In recent days the Central Bank used future dollar contracts and bonds dollar linked to alleviate the exchange rate pressure that has taken place since the beginning of June.

Another mechanism to expand the exchange room for maneuver is linked to currency exchange agreements. The most relevant is the current swap between the Central Bank and the People’s Bank of China. That agreement, for US$ 18,000 million, expires in August and came to have activated – that is, used and pending return – around US$5 billion.

The other source of exchange liquidity that the Central Bank seeks to reinforce is an agreement with the Bank of International Settlements (BIS)based in Basel, for about US$3 billion. The so-called “central bank of banks” had a key role in recent months, since this financing allowed the Government cancel the US$2.5 billion swap that he maintained with the United States Treasury.