Day: June 22, 2020

WTI oil up 9.6%

US oil climbed to $39.75 a barrel on positive signals regarding the recovery in demand and expectations for further production cuts. The Brent closed at $42.19.

Central Bank debt grows to 75% of gross reserves

The BCRA’s net purchasing balance improved to nearly $900 million, to recover the level of early May. The BCRA regulates devaluation to minimize the inflationary effect of the wholesale dollar increase, which governs trade operations. The official exchange rate rises by 17% in 2020, some four points above the CPI. The entity’s debt represents nearly $33 billion, 75% of gross reserves and three times the amount of net reserves (freely available) in the Central Bank.