“We have fire power” They point to government media in relation to tensions that have been showing the dollar. The day began with a message from the Secretary of Finance, Pablo Quirnopointing to the social network X that “The National Treasury announces that from the day of the date it will participate in the market -free market in order to contribute to its liquidity and normal functioning.”
On Monday, the spot dollar It rose for the third consecutive day, with an increase of 2.2% to be above $ 1,370.
The Quirno statement met at 10:40 hours, when the dollar was around 1,380 pesos and an hour later had dropped to about 1,362 pesos.
In market media it is said that the official did nothing more than sincere what the market suspected, that is, the treasure is detaching to try to stop the rise of the currency and thus avoid the rise in the exchange rate impacts inflation and, consequently, affect the electoral possibilities of the government.
The latest information available (corresponding to August 28) shows that The treasure had US $ 1,709 million In your account in the Central Bank (BCRA).
However, in official media it is clarified that the agreement with the International Monetary Fund (IMF) allows the intervention of the authorities within the flotation band. In this sense, it is calculated in private media that “The power of fire” of the authorities is around US $ 20,000 millionfundamentally for the US $ 12,000 million that were received from the IMF and that today are in the hands of the Central Bank after the repurchase of non -transferable letters.
Actually, it was the president himself, Javier Milei, who set a restriction by pointing out that they would not buy dollars until the quotation touched the band’s floor.
Some operators criticized the decision of the Ministry of Finance by maintaining that it is “incongruous” That at a time when the BCRA records negative net reserves, the treasure is sold to dollars inside a band in which it was supposed to float.
Surely the measure would not be well received by the bonists who will compute the perspective of less dollars when charging their credits.
Uncertainty
The buying pressure in the change market coincides with a moment of political uncertainty and concerns about the progress of the economy. Yesterday it was known that August tax collection verified a real drop of 2.8% year -on -year – which is reduced to 0.7% fall if the impact of the withdrawal of the country tax is excluded – giving “Some activity cooling signals”according to Ecolatina.
At the same time, the market is expectant to what happens next Sunday in the crucial elections of the province of Buenos Aires.
The last surveys that circulated in the Casa Rosada show that the libertarians lose for “only 4 points”, But in private media other measurements circulate that account for a major margin (of the order of the 7 points) in favor of Kirchnerism.
Source: Ambito
