Phantom escribió:Reservas NOSIS = 48983 MUSD
The government's financing program includes borrowing ARS15.1 billion from multilateral lenders next year. But the U.S. government's opposition to the Inter-American Development Bank and the World Bank making new loans to Argentina may force Kirchner to look elsewhere for financing.
That could lead the government to ask the central bank for international reserves beyond the $5.67 billion it wants to borrow from the monetary authority to pay creditors in 2012.
Reserves currently stand at $48.9 billion, but economists disagree about how much of that can be transferred to the government. By law, the central bank has to keep enough reserves on hand to cover the monetary base, which totals about $46 billion. That leaves just $2.9 billion to pay debt.
"Given that 'free disposal reserves' are likely to be low or null at the end of 2011 according to our estimates, the further use of reserves for debt payments is likely to arouse some controversy in our view," Bank Of America Merrill Lynch economist Marcos Buscaglia said in a report.
http://online.wsj.com/article/BT-CO-201 ... 12811.html