In the midst of a critical situation for the reserves, the Central Bank’s board of directors would approve this Thursday a norm that will be based on the fact that the dollar debts of the provinces and municipalities that expire this year are paid via Negotiable Obligations by the companies.

This regulation will enable those administrations to have access to the official exchange market to buy up to 40% of the dollars that are necessary to comply with the negotiable obligations, thus the remaining 60% of the debts of this year must be paid with financing, own holdings or through new installment agreements with creditors.

Although the liquidation of agriculture for the “dollar soya 3” plan recovered 1,400 million dollars, it was not enough to reverse the negative reserves that the BCRA has had two months ago. The public companies YPF and Aysa and the provinces (especially Santa Fe, Mendoza and Buenos Aires) used the BCRA 1,120 million dollars to cancel debts, which is equivalent to 37% of the net sales made in the first quarter.