Tuesday, march 17, 2020

Ministry of Finance modifies mechanism for dollar sales

The quarterly macro-financial update (Informe de Finanzas Públicas) for the fourth quarter of 2019 published February 7th, 2020, estimates the Central Government’s 2020 financing needs at US$ 17,536 million. These needs will be met by a combination of Treasury bond issuances and partial use of the Treasury’s financial assets. 

According to the estimates in this report, the Ministry of Finance plans to carry out sales of USD during 2020 for up to US$9.4 billion (*), of which US$2.6 billion have been already sold thus far. 

The Ministry of Finance has decided to adjust the mechanism in which it sells dollars in the local foreign exchange market starting in April of this year, and thereby enhance public understanding of its participation in this market. Dollars will be auctioned by the Treasury through a platform that is widely used in the exchange market. Dollar amounts to be auctioned will be published on a monthly basis, according to the financing needs of the Treasury, with maximum weekly amounts. For the month of April, up to US$500 million will be auctioned per week. 

Details regarding the auction procedures will be published in the coming weeks. 

Auction results will be informed to the public in the websites of the Ministry of Finance and the Budget Office. 

The amounts and mechanisms mentioned above could be modified if there were significant changes in market conditions and/or in the government’s financing needs. Any changes will be informed appropriately.  


(*) The US$9.4 billion in dollar sales projected by the Ministry of Finance for 2020 are consistent with the amounts announced in the Employment Protection and Economic Recovery Plan on Monday, December 2nd, 2019. At the time, the Central Government’s annual financing needs for 2020 were estimated at US$11 billion in foreign currency. The difference between the two amounts is mainly due to external debt amortizations (US$1.13 billion), capitalizations, and other minor adjustments in the projections of financing needs. 



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