The Central Bank has negative international net reserves by at least US$1 billion, various consulting firms have calculated. A report by consulting firm Ecolatina published on Friday put them at negative US$1.1 billion, while one by 1816 calculated they were negative US$1 billion. Net international reserves are calculated by subtracting the Central Bank’s liabilities —such as the China swap and the International Monetary Fund’s (IMF) special drawing rights— from its gross international reserves. Expert calculationsConsulting firm 1816 said net reserves are at their lowest levels since the first days of former President Mauricio Macri’s administration in 2015. Before that, net reserves had not been this low since the crisis that was unleashed after the country ditched the “convertibility” (the US dollar-peso parity) law in 2002.

Source: Bueno Aires Herald May 08, 2023 10:55 UTC