RIO DE JANEIRO, BRAZIL - Argentina's net reserves, i.e., those that do not have liabilities as a counterpart, fell to less than US$2.2 billion after the last payment to the International Monetary Fund, according to a recent report by Consultora 1816. Other calculations, such as that of the consulting firm LCG, estimate them at US$3.9 billion.
In any case, the number is still very low. For reference, when Axel Kicillof was forced to devaluate in January 2014, the Central Bank had some US$17 billion net, according to estimates by Empiria economist Juan Ignacio Paolicchi . . .