BUENOS AIRES – ArgentinaS Central Bank (BCRA) is set too pay US$1 billion in maturing Bopreal 2026 bonds on Monday,drawing down on its reserves at a time of scrutiny over its dollar holdings.The payment, stemming from a program initiated in 2023 under the previous management, will further deplete the BCRA’s reserves, currently under pressure to meet both International Monetary Fund (IMF) requirements and market demand.
economist Fernando Marull explained the origin of the Bopreal bonds, stating they were issued to companies that imported in 2023 but did not receive the corresponding dollars at the time, with only SIRA-BOYS being paid. “They are paid with reserves. And yes, we are going to talk about reserves on Monday; there are few,” Marull said. He further noted that Argentina will continue to address the financial consequences of the 2023 situation through November 2025.
According to IMF calculations,the BCRA ended November with a net reserves deficit of US$16.8 billion, potentially necessitating a request for a waiver from the IMF. Upcoming debt maturities add to the challenge, totaling approximately US$17.1 billion for next year, including US$4.4 billion due to the IMF in January, US$4.2 billion to international organizations, and US$8.5 billion in bonds.
The government is seeking to reduce country risk to around 400 basis points to facilitate a return to international markets. Sources suggest a potential bond repurchase program funded by US swap lines, followed by a reissue of sovereign securities mid-year, to lower risk and attract investment.
Separately,funds declared through last year’s capital regularization program (CERA) remain largely in those accounts. As of December, those exceeding US$100,000 will be exempt from the associated special tax.ARCA data indicates over US$24 billion was externalized through the program, with some individuals withdrawing funds even after paying the tax.
