One billion dollars were lost from BCRA reserves

The reserves of Central Bank of the Argentine Republic (BCRA) lost 954 million dollars and remained at 53,144 million. In this way, they extended the loss that already reached almost 14 billion dollars since the outbreak of the exchange run after PASO.Despite the short-term debt repercussion and the Macri exchange rate, the withdrawal of international holdings is increased in the face of fears that are related to the dynamics of the crisis.

Although yesterday's deposit data is not published, with the last one available, that is last Thursday, a strong acceleration of the bank run is verified: depositors withdrew 801 million dollars, double that on Wednesday.

Following this framework, the head of the country's largest banking entity, Guido Sandleris, said: "It makes less reserves necessary to guarantee exchange stability." That is, in his opinion, the least need for reserves is given by limiting the demand for foreign exchange and expanding the supply that is complemented by the re-issuance of the letters issued by the Treasury.

"I understand that uncertainty and volatility have generated fears but they will dissipate as the days go by and the exchange umbrella helps reduce volatility.", he admitted when referring to financial uncertainty.