The recent data of the BCRA exchange balance, 53.1% (US $ 1,878 million) of the formation of external assets (FAE) was made against accounts abroad. This reflects arbitration through which great actors went to the official market for changes individually, and then increased the foreign exchange offer in financial dollars, an operation that allowed several companies to cancel debt at a price very similar to that of the wholesale exchange rate.
In response to this situation, the monetary authority decided on Friday to implement the so -called “cross restriction”. This determines that when a person wants to buy dollars at the official exchange rate, he must sign a sworn statement committing not to sell MEP or CCL dollar for three months.
This lock had already been applied for directors and managers of financial companies. According to market sources to this medium, the measure would have been aimed Bolsa Societies Leaders That, having great heritage and accounts abroad, they could have been facilitating their own CUIT for arbitration.
While this can help reduce currency demand in the official market, also Probably generate an increase in the exchange gapsomething that has already begun to be at the close of this week, with an spread of more than 10% between the wholesaler and the CCL.
On this “Trade Off”, the economist of the Policies Observatory for the National Economy (Open), Federico Machadosee that the negative effect of the gap probably predominates. “It is a bad sign and will make the demand for weights further. The less convertible the currency, it is worth less“He deepened.
Despite the monthly reduction, FAE was once again the main system output tap
On the other hand, in local accounts the net “green” tickets reached about US $ 1,860 million in August. The figure was 38.8% lower than Julydue to a 28.9% drop in purchase operations and an increase of 53.7% in sales operations.
As for the number of people who operated, the BCRA reported that there were 1.5 million individuals who bought while some 840,000 sold. Particularly this last data, which exceeded the figure of the previous month.
It is worth remembering that In August the official exchange rate was reduced 2.3%after having jumped 14% in July from end to end, as a result of volatility in interest rates and uncertainty regarding the sustainability of the band scheme.
Despite the monthly reduction, the FAE was once again the main currency exit tap. Quite behind the balance of services, which threw a deficit of US $ 840 million, mainly for a Net exit of US $ 603 million in tourism.
As for the balance of goods, it highlighted a strong reduction in the surplus (from US $ 3,887 million to US $ 845 million) product of the Merm in export settlement After the end of the impact of the decline of withholdings that had ended in June but had left a remnant of statements that were settled in July.
Meanwhile, The main sources of dollars entry to the system were private debt (US $ 1,332 million) and public debt (US $ 1,259 million). In the first case it was the highest figure since February, while in the second case it highlighted a disbursement for more than US $ 2,000 million of the International Monetary Fund (IMF).
Source: Ambito
