{"id":20102,"date":"2026-08-01T21:32:05","date_gmt":"2026-08-02T00:32:05","guid":{"rendered":"https:\/\/cliente1.publisher.highstack.com.ar\/?p=20102"},"modified":"2026-08-01T21:32:05","modified_gmt":"2026-08-02T00:32:05","slug":"mientras-busca-que-los-argentinos-saquen-los-dolares-del-colchon-caputo-se-armo-su-propio-colchon-de-pesos","status":"publish","type":"post","link":"https:\/\/cliente1.publisher.highstack.com.ar\/?p=20102","title":{"rendered":"Mientras busca que los argentinos saquen los \u201cd\u00f3lares del colch\u00f3n\u201d, Caputo se arm\u00f3 su propio colch\u00f3n de pesos"},"content":{"rendered":"<div class=\"visual__image image-initial-width\"><picture><source srcset=\"https:\/\/www.infobae.com\/resizer\/v2\/P4GNFORI7BEWNMBUWZGDRBTMEQ.png?auth=d8727c495a256761a1efac8facd635260539a6a067ff8abc9e5abf7665968410&amp;smart=true&amp;width=992&amp;height=554&amp;quality=85\" media=\"(min-width: 1000px)\"><\/source><source srcset=\"https:\/\/www.infobae.com\/resizer\/v2\/P4GNFORI7BEWNMBUWZGDRBTMEQ.png?auth=d8727c495a256761a1efac8facd635260539a6a067ff8abc9e5abf7665968410&amp;smart=true&amp;width=768&amp;height=429&amp;quality=85\" media=\"(min-width: 768px)\"><\/source><source srcset=\"https:\/\/www.infobae.com\/resizer\/v2\/P4GNFORI7BEWNMBUWZGDRBTMEQ.png?auth=d8727c495a256761a1efac8facd635260539a6a067ff8abc9e5abf7665968410&amp;smart=true&amp;width=577&amp;height=322&amp;quality=85\" media=\"(min-width: 580px)\"><\/source><source srcset=\"https:\/\/www.infobae.com\/resizer\/v2\/P4GNFORI7BEWNMBUWZGDRBTMEQ.png?auth=d8727c495a256761a1efac8facd635260539a6a067ff8abc9e5abf7665968410&amp;smart=true&amp;width=420&amp;height=234&amp;quality=85\" media=\"(min-width: 350px)\"><\/source><source srcset=\"https:\/\/www.infobae.com\/resizer\/v2\/P4GNFORI7BEWNMBUWZGDRBTMEQ.png?auth=d8727c495a256761a1efac8facd635260539a6a067ff8abc9e5abf7665968410&amp;smart=true&amp;width=350&amp;height=195&amp;quality=85\" media=\"(min-width: 80px)\"><\/source><img alt=\"Varios billetes de pesos argentinos y d\u00f3lares estadounidenses apilados sobre una mesa de madera r\u00fastica, mostrando la coexistencia de ambas monedas.\" class=\"global-image\" decoding=\"async\" fetchpriority=\"high\" height=\"1536\" loading=\"eager\" src=\"https:\/\/www.infobae.com\/resizer\/v2\/P4GNFORI7BEWNMBUWZGDRBTMEQ.png?auth=d8727c495a256761a1efac8facd635260539a6a067ff8abc9e5abf7665968410&amp;smart=true&amp;width=350&amp;height=195&amp;quality=85\" width=\"2752\"><\/picture><\/div>\n<div class=\"sharebar-container display_flex sharebar-new\" style=\"opacity:1\">\n<div class=\"share-bar-article-date-container \"><span class=\"sharebar-article-date\">01 Ago, 2026 08:19 p. m. EST<\/span><\/div>\n<div class=\"sharebar-buttons-container display_flex\">\n<div aria-label=\"Guardar\" class=\"sharebar-buttons button-save\" role=\"button\" tabindex=\"0\"><svg width=\"9\" height=\"12\" viewbox=\"0 0 8 10\" fill=\"none\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"saved-icon saved\"><path d=\"M6.64286 0.5V9.31687L4.1116 7.16407L4.11106 7.16361C3.79894 6.89891 3.34392 6.89891 3.03179 7.16361L3.03126 7.16407L0.5 9.31687V0.5H6.64286Z\"><\/path><\/svg><span class=\"buttons-save-text\">Guardar<\/span><\/div>\n<div class=\"sharebar-buttons-separator\"><\/div>\n<p><button class=\"sharemenu-buttons display_flex\" aria-label=\"Compartir en Telegram\"><svg width=\"38\" height=\"38\" viewbox=\"0 0 38 38\" fill=\"none\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><rect x=\"0.5\" y=\"0.5\" width=\"37\" height=\"37\" rx=\"18.5\" fill=\"white\"><\/rect><rect x=\"0.5\" y=\"0.5\" width=\"37\" height=\"37\" rx=\"18.5\" stroke=\"#C2C2C2\"><\/rect><path d=\"M24.9696 12.5511L10.3405 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15.0383 17.6243C15.1805 18.3619 15.5983 18.9663 16.0426 19.5618C16.887 20.6638 17.8646 21.6237 19.1622 22.1925C19.7932 22.4769 20.4331 22.7613 21.1441 22.7613C21.2685 22.7613 21.393 22.7613 21.5085 22.7346C22.4506 22.5391 23.1172 22.0058 23.0816 21.0193C23.0816 20.9216 23.0194 20.7794 22.9483 20.7438C22.3973 20.4594 21.8462 20.2017 21.2863 19.9439Z\" fill=\"#555555\"><\/path><path d=\"M26.9482 17.8724C26.3972 13.4642 22.1401 10.3447 17.7229 11.1179C12.6481 11.9977 9.71521 17.2859 11.6883 21.9963C12.1948 22.6629 12.0615 23.3472 11.8216 24.0849C11.5105 25.027 11.2794 26.0046 11.0039 27C11.1194 26.9733 11.1994 26.9644 11.2794 26.9378C12.5059 26.6178 13.7324 26.3068 14.9411 25.9868C15.1544 25.9335 15.3144 25.9602 15.5099 26.0579C17.1719 26.8667 18.9227 27.0978 20.718 26.7067C24.833 25.7913 27.4548 22.0496 26.9305 17.8902L26.9482 17.8724ZM20.0515 25.4624C18.4784 25.7113 17.003 25.3913 15.6166 24.6003C15.5099 24.5381 15.3411 24.5115 15.2077 24.547C14.4612 24.7248 13.7146 24.9292 12.9147 25.1336C13.1192 24.3693 13.3058 23.6672 13.5102 22.9473C13.5635 22.7606 13.5369 22.6273 13.4391 22.4673C11.0039 18.5479 13.1014 13.5442 17.6163 12.5043C21.2868 11.6511 25.0285 14.1841 25.5884 17.908C26.1395 21.5519 23.6954 24.8936 20.0515 25.4624Z\" fill=\"#555555\"><\/path><\/svg><\/button><\/div>\n<\/div>\n<p class=\"paragraph\" data-paragraph-number=\"1\">Un reciente informe constat\u00f3 la estabilizaci\u00f3n del manejo de la deuda en pesos del Tesoro. Esa estabilizaci\u00f3n dio como resultado que en los \u00faltimos meses el Tesoro Nacional lograra tres cosas importantes relacionadas al manejo de la deuda en pesos.<\/p>\n<div class=\"marfeel-recommender marfeel-recommender-1\"><\/div>\n<p class=\"paragraph\" data-paragraph-number=\"2\">En primer lugar, se\u00f1ala el informe de la consultora Quantum, el manejo oficial logr\u00f3 que la tasa de renovaci\u00f3n de esa deuda superara a los vencimientos, algo distinto a lo que hab\u00eda ocurrido durante 2025. Un segundo logro de las colocaciones en moneda local fue que, en un contexto de condiciones financieras m\u00e1s estables, se pudo extender el plazo promedio de la deuda. Y esa extensi\u00f3n de plazos, resalta Quantum, se hizo \u201ca tasas alineadas con la expectativa de inflaci\u00f3n y depreciaci\u00f3n, mediante una oferta variada de instrumentos\u201d. El tercer aspecto que destaca el informe es que al acumular recursos en pesos para diversos \u201cgastos eventuales, incluyendo la compra de d\u00f3lares al Banco Central\u201d, el Tesoro logr\u00f3 aumentar los recursos para atender pagos de la deuda y otras obligaciones en esa moneda.<\/p>\n<div class=\"inline ad-wrapper dfpAd ad-inline ad-text ad-component-container\" style=\"--ad-shell-height:250px;--ad-shell-width:300px\" data-ad-wrapper=\"arcad\" data-ad-type=\"inline\" data-ad-slot=\"infobae\/economia\/nota\/inline\" data-ad-container=\"dfp\" data-ad-slot-name=\"infobae\/economia\/nota\/inline\">\n<p class=\"ad-shell-label\">PUBLICIDAD<\/p>\n<div id=\"infobae\/economia\/nota\/inline\" class=\"infobae\/economia\/nota\/inline arcad ad-slot-node ad-slot-node--boxed\" data-ad-slot-id=\"infobae\/economia\/nota\/inline\"><\/div>\n<\/div>\n<p class=\"paragraph\" data-paragraph-number=\"3\">El informe desmenuza esos tres aspectos:<\/p>\n<div class=\"marfeel-recommender marfeel-recommender-3\"><\/div>\n<h2 class=\"text-align-left vertical-align-top line-height-100 header headline-class-h2 headline\" id=\"tasa-de-renovacion\">Tasa de renovaci\u00f3n<\/h2>\n<p class=\"paragraph\" data-paragraph-number=\"4\">En lo que va de 2026 -incluida la licitaci\u00f3n de esta semana- el Tesoro Nacional tuvo una tasa promedio de renovaci\u00f3n de los vencimientos en pesos del 117%. \u201cDe esta manera, acumul\u00f3 disponibilidades (y deuda) en todos los meses, con la excepci\u00f3n de junio de 2026, cuando la tasa de renovaci\u00f3n fue de 78%, en el contexto de mayores necesidades de pesos para atender el incremento estacional del gasto\u201d, dice el informe.<\/p>\n<div class=\"inline_2 ad-wrapper dfpAd ad-inline ad-text ad-component-container\" style=\"--ad-shell-height:250px;--ad-shell-width:300px\" data-ad-wrapper=\"arcad\" data-ad-type=\"inline_2\" data-ad-slot=\"infobae\/economia\/nota\/inline_2\" data-ad-container=\"dfp\" data-ad-slot-name=\"infobae\/economia\/nota\/inline_2\">\n<p class=\"ad-shell-label\">PUBLICIDAD<\/p>\n<div id=\"infobae\/economia\/nota\/inline_2\" class=\"infobae\/economia\/nota\/inline_2 arcad ad-slot-node ad-slot-node--boxed\" data-ad-slot-id=\"infobae\/economia\/nota\/inline_2\"><\/div>\n<\/div>\n<p class=\"paragraph\" data-paragraph-number=\"5\">La tasa de renovaci\u00f3n por arriba de 100% a lo largo del a\u00f1o contrasta con la tasa promedio de 84% registrada el a\u00f1o pasado, \u201ccuando solo a comienzos de a\u00f1o fue significativamente superior al 100% y baj\u00f3 al 25% en plena tensi\u00f3n monetaria y cambiaria de 2025. La pol\u00edtica monetaria del Banco Central durante 2026, que deriv\u00f3 en la estabilidad de las tasas de inter\u00e9s e importantes compras de d\u00f3lares por el BCRA, facilit\u00f3 el aumento del financiamiento en pesos del Tesoro\u201d, dice Quantum.<\/p>\n<div class=\"marfeel-recommender marfeel-recommender-5\"><\/div>\n<div class=\"visual__image\"><picture><source srcset=\"https:\/\/www.infobae.com\/resizer\/v2\/UMDI6HCCHBC55IEHUXBQ7QAF7A.jpg?auth=9a3dc8ac30162087fb89ff8edbb1d3a891f38b06e60fb28fd187a9d1f03b05d3&amp;smart=true&amp;width=992&amp;height=556&amp;quality=85\" media=\"(min-width: 1000px)\"><\/source><source srcset=\"https:\/\/www.infobae.com\/resizer\/v2\/UMDI6HCCHBC55IEHUXBQ7QAF7A.jpg?auth=9a3dc8ac30162087fb89ff8edbb1d3a891f38b06e60fb28fd187a9d1f03b05d3&amp;smart=true&amp;width=768&amp;height=430&amp;quality=85\" media=\"(min-width: 768px)\"><\/source><source srcset=\"https:\/\/www.infobae.com\/resizer\/v2\/UMDI6HCCHBC55IEHUXBQ7QAF7A.jpg?auth=9a3dc8ac30162087fb89ff8edbb1d3a891f38b06e60fb28fd187a9d1f03b05d3&amp;smart=true&amp;width=577&amp;height=323&amp;quality=85\" media=\"(min-width: 580px)\"><\/source><source srcset=\"https:\/\/www.infobae.com\/resizer\/v2\/UMDI6HCCHBC55IEHUXBQ7QAF7A.jpg?auth=9a3dc8ac30162087fb89ff8edbb1d3a891f38b06e60fb28fd187a9d1f03b05d3&amp;smart=true&amp;width=420&amp;height=235&amp;quality=85\" media=\"(min-width: 350px)\"><\/source><source srcset=\"https:\/\/www.infobae.com\/resizer\/v2\/UMDI6HCCHBC55IEHUXBQ7QAF7A.jpg?auth=9a3dc8ac30162087fb89ff8edbb1d3a891f38b06e60fb28fd187a9d1f03b05d3&amp;smart=true&amp;width=350&amp;height=196&amp;quality=85\" media=\"(min-width: 80px)\"><\/source><img alt=\"(Imagen Ilustrativa Infobae)\" class=\"global-image\" decoding=\"async\" fetchpriority=\"low\" height=\"816\" loading=\"lazy\" src=\"https:\/\/www.infobae.com\/resizer\/v2\/UMDI6HCCHBC55IEHUXBQ7QAF7A.jpg?auth=9a3dc8ac30162087fb89ff8edbb1d3a891f38b06e60fb28fd187a9d1f03b05d3&amp;smart=true&amp;width=350&amp;height=196&amp;quality=85\" width=\"1456\"><\/picture><\/div>\n<h2 class=\"text-align-left vertical-align-top line-height-100 header headline-class-h2 headline\" id=\"condiciones-mas-estables-plazos-mayores\">Condiciones m\u00e1s estables, plazos mayores<\/h2>\n<p class=\"paragraph\" data-paragraph-number=\"6\">A una superior tasa de renovaci\u00f3n de los vencimientos, el Tesoro sum\u00f3 la extensi\u00f3n del plazo promedio de la deuda en pesos emitida a lo largo del a\u00f1o en curso. La evoluci\u00f3n lo muestra claramente. El informe precisa que mientras en enero las colocaciones fueron a un plazo promedio de 0,46 a\u00f1os, en la m\u00e1s reciente licitaci\u00f3n el plazo promedio fue 1,97 a\u00f1os, algo que se logr\u00f3 ofreciendo un men\u00fa diverso de instrumentos. <\/p>\n<div class=\"ad_1 ad-wrapper dfpAd ad-1-al-6 ad-text ad-component-container\" style=\"--ad-shell-height:250px;--ad-shell-width:300px\" data-ad-wrapper=\"arcad\" data-ad-type=\"ad_1\" data-ad-slot=\"infobae\/economia\/nota\/ad_1\" data-ad-container=\"dfp\" data-ad-slot-name=\"infobae\/economia\/nota\/ad_1\">\n<p class=\"ad-shell-label\">PUBLICIDAD<\/p>\n<div id=\"infobae\/economia\/nota\/ad_1\" class=\"infobae\/economia\/nota\/ad_1 arcad ad-slot-node ad-slot-node--boxed\" data-ad-slot-id=\"infobae\/economia\/nota\/ad_1\"><\/div>\n<\/div>\n<p class=\"paragraph\" data-paragraph-number=\"7\">\u201cA principios de a\u00f1o, por ejemplo, las emisiones eran principalmente a tasa fija (Lecaps\/Boncaps), mientras que en los \u00faltimos meses se han venido licitando instrumentos ajustables, tanto puros -como los bonos CER- como duales -TAMAR\/CER a diciembre 2028 o TAMAR vinculada al d\u00f3lar a enero 2028, como en la \u00faltima licitaci\u00f3n. Al respecto, el informe precisa que del stock total de t\u00edtulos de deuda en pesos de fines de junio de este a\u00f1o, m\u00e1s del 70% era ajustable por CER.<\/p>\n<p class=\"paragraph\" data-paragraph-number=\"8\">Seg\u00fan Quantum, \u201cla adecuaci\u00f3n de la oferta a una mayor demanda de instrumentos con coberturas diversas permiti\u00f3, entre otras cosas, que el BCRA mantenga estable la tasa de inter\u00e9s, en los niveles de 21-22% de Tasa Nominal Anual (TNA) que se observan desde mediados de abril de 2026\u201d.<\/p>\n<div class=\"ad_2 ad-wrapper dfpAd ad-1-al-6 ad-text ad-component-container\" style=\"--ad-shell-height:250px;--ad-shell-width:300px\" data-ad-wrapper=\"arcad\" data-ad-type=\"ad_2\" data-ad-slot=\"infobae\/economia\/nota\/ad_2\" data-ad-container=\"dfp\" data-ad-slot-name=\"infobae\/economia\/nota\/ad_2\">\n<p class=\"ad-shell-label\">PUBLICIDAD<\/p>\n<div id=\"infobae\/economia\/nota\/ad_2\" class=\"infobae\/economia\/nota\/ad_2 arcad ad-slot-node ad-slot-node--boxed\" data-ad-slot-id=\"infobae\/economia\/nota\/ad_2\"><\/div>\n<\/div>\n<h2 class=\"text-align-left vertical-align-top line-height-100 header headline-class-h2 headline\" id=\"excedente-de-pesos-y-su-impacto-en-la-compra-de-dolares\">Excedente de pesos y su impacto en la compra de d\u00f3lares<\/h2>\n<p class=\"paragraph\" data-paragraph-number=\"9\">Finalmente, el informe destac\u00f3 que la renovaci\u00f3n de deuda en pesos por encima de los vencimientos permiti\u00f3 que el Tesoro amasara un excedente en pesos de nada menos que $16,4 billones, equivalentes a 1,7% del PBI y a cerca de USD 11.000 millones a los tipos de cambio actuales.<\/p>\n<p class=\"paragraph\" data-paragraph-number=\"10\">\u201cEsta fuente de recursos contribuy\u00f3 a que durante 2026 el saldo de los dep\u00f3sitos del Tesoro en el BCRA aumentara en $4,2 billones -0,4% del PBI-, a $8,3 billones el pasado lunes 27 de julio, aunque cabe aclarar que los dep\u00f3sitos del Tesoro en el BCRA aumentan en $24,4 billones por la transferencia de utilidades contables de 2025 del BCRA al Tesoro y, a la vez, caen en $16,6 billones utilizados para cancelar Letras Intransferibles en poder del BCRA. Pases de manos que, en t\u00e9rminos netos, mejoraron gracias al BCRA en $7,8 billones, equivalentes a USD 5.200 millones, los n\u00fameros de Econom\u00eda, cifra que supera los vencimientos de deuda en d\u00f3lares que el Tesoro abon\u00f3 a principios de julio.<\/p>\n<div class=\"ad_3 ad-wrapper dfpAd ad-1-al-6 ad-text ad-component-container\" style=\"--ad-shell-height:250px;--ad-shell-width:300px\" data-ad-wrapper=\"arcad\" data-ad-type=\"ad_3\" data-ad-slot=\"infobae\/economia\/nota\/ad_3\" data-ad-container=\"dfp\" data-ad-slot-name=\"infobae\/economia\/nota\/ad_3\">\n<p class=\"ad-shell-label\">PUBLICIDAD<\/p>\n<div id=\"infobae\/economia\/nota\/ad_3\" class=\"infobae\/economia\/nota\/ad_3 arcad ad-slot-node ad-slot-node--boxed\" data-ad-slot-id=\"infobae\/economia\/nota\/ad_3\"><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>01 Ago, 2026 08:19 p. m. EST Guardar Un reciente informe constat\u00f3 la estabilizaci\u00f3n del manejo de la deuda en pesos del Tesoro. Esa estabilizaci\u00f3n dio como resultado que en los \u00faltimos meses el Tesoro Nacional lograra tres cosas importantes relacionadas al manejo de la deuda en pesos. En primer lugar, se\u00f1ala el informe de [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":20103,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-20102","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/cliente1.publisher.highstack.com.ar\/index.php?rest_route=\/wp\/v2\/posts\/20102","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cliente1.publisher.highstack.com.ar\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cliente1.publisher.highstack.com.ar\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cliente1.publisher.highstack.com.ar\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cliente1.publisher.highstack.com.ar\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=20102"}],"version-history":[{"count":0,"href":"https:\/\/cliente1.publisher.highstack.com.ar\/index.php?rest_route=\/wp\/v2\/posts\/20102\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cliente1.publisher.highstack.com.ar\/index.php?rest_route=\/wp\/v2\/media\/20103"}],"wp:attachment":[{"href":"https:\/\/cliente1.publisher.highstack.com.ar\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=20102"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cliente1.publisher.highstack.com.ar\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=20102"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cliente1.publisher.highstack.com.ar\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=20102"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}