The parallel dollars they marked a brake on Wednesday after the strong exchange rate tension of the last days. City analysts attributed this new trend to the government’s decision to react on different fronts to reverse the bullfight. But what is the strategy to calm the dollar?
In principle, the Ministry of Economy has three open fronts: on the one hand, intervention through bonds. Secondly, the search for foreign exchange through multilateral organizations and, finally, the renegotiation of the goals with the IMF.
Despite the fact that the International Monetary Fund (IMF) asked him to reduce these types of operations as much as possible, the Executive decided to notify the authorities that he would intervene in the market when the blue reached $500.
“Yesterday the novelty was that the Government decided to intervene in financial dollars using currencies that add to the ‘fire power’ of dollarized bonds”explained from Delphos Investment.
The main decision went through the implementation of an intervention strategy in the stock market dollars (especially in the CCL) of the Central Bank (BCRA) through the use of reserves in the bond market. But, this strategy was accompanied by a raid by the National Securities Commission (CNV) and the Financial Information Unit (UIF) in a brokerage company for the sale of illegal dollars and money laundering. Meanwhile, the Minister of the Economy, Sergio Massa, is trying to get the International Monetary Fund (IMF) to change the planned disbursement scheme to reinforce the reserves in the current context of the drought.
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He CCL rose $3.27 (0.7%) to $469.24 on Wednesday. So, the gap with the wholesale dollar it was 111.8%. While, the MEP dollar fell to $446.43 and thus dropped $1.07 (-0.2%) in value. The gap for this exchange rate ended at 101.5%. Meanwhile, the blue fell sharply to $474. Since the Government cannot intervene in the illegal market, it does do so by lowering the financiers who force the illegal market to cut prices.
On the other hand, the Vice Minister of Economy, Gabriel Rubinstein, heads this Thursday the entourage of the economic team that travels to Washington. The objective is to further renegotiate the agreement with the International Monetary Fund (IMF), as Minister Sergio Massa pointed out on Tuesday.
This Tuesday, the Government confirmed that it will advance in the dialogue with the IMF to reform the debt agreement and continue with the disbursements. At the same time, the multilateral organization pointed out that the negotiations They “advance constructively” with the objective of “strengthening the economic program agreed with the country in the context of the very severe drought.”
Source: Ambito
