They warn that there will be more pressure after the limit on imports

Claudio Caprarulodirector of the consulting firm Analytica, considered that “it is very difficult to imagine a drop in parallel dollars in the framework of a tightening of the exchange rate because Expectations grow of a future increase in the rate of depreciation of the peso if the Government fails to increase reserves international despite this measure”.

And he added: “The pesos that were going to pay for these hedging imports should now not go to the financial dollars because the importers to continue operating have access prohibited. Anyway, it is expected that the demand for cash with liquidation and MEP will increase or at least remain at these high levels driven by the rest of the companies and savers until the Government fails to show better results”.

For its part, Sergio Chouza, director of the Sarandí consultancy, explained that “definitely” there may be upward pressure on financial prices. “I see two effects, one of supply and the other of demand. One tends to think that there may be more demand for speculative effectbecause in some way the BCRA externalizes that ‘the king is naked’, that the shortage of reserves is severe, so it must limit financing to a large part of purchases abroad”.

“On the other hand, there will be an effect on the supply, since part of the financial dollars that were being seen as supply in the parallel channels, the dollar MEP and CCL, they had to do in part with this surplus of some companies for being able to access the official dollar with imports, and then through controlled companies settle balances in the financial channel. Therefore, that offer that maintained the parallel prices is probably no more and, by removing it, it facilitates the growth of financial dollars. In addition, with inflation of 5% per month, financial prices should grow around $12 per month, with which nominally the rises have even more momentum”, he concluded.