JP Morgan bank warned that Argentina’s net reserves reach $3 bn

A report by JP Morgan, entitled "Argentina: the monetary policy labyrinth", notes that the BCRA's net or freely available reserves, which do not include loans and private deposits, are close to $3 trillion, including gold holdings. The BCRA would find it challenging to dispose today of the $2.4 billion needed to cancel a payment with the Paris Club at the end of May; moreover, renegotiating the Paris Club's maturity requires having signed the extended facilities agreement with the IMF, due to statutory issues.