For its part, the regulated MEP dollar rose in the same proportion, to $ 183.98 in the week, with which the spread with the wholesaler culminated this Friday at 83.6%.
This Friday, both prices rose 0.4%. Parallel, in its “free” versions, the CCL slightly approached the $ 215 area, while the MEP continued to trade just below $ 200..
From the Abeceb consulting firm, “This context of extreme political uncertainty a few days before the legislative elections, and in an economy that drags macroeconomic imbalances of magnitude, is reflected in the foreign exchange / financial market: the blue dollar exceeds $ 200 (with free CCL dollars close to $ 220), a very high and unsustainable exchange rate gap above 100%, investors moving to dollar link funds to hedge against a possible devaluation jump, companies rapidly paying off their hard currency loans (Net loans fell -9.3% since the end of September and -3.9% only in 5 days of November) “.
The Central Bank, in this situation, remained strongly intervening in the spot (selling US $ 574 million between 11/28 and 11/04, a selling streak that would have extended in the last week) and in the futures (as inferred from the strong increase in the volumes traded). In other words, a BCRA that reaches the elections with net liquid reserves converging to zero. “
For Abeceb, “these numbers are not surprising: First, because at The absence of a political anchor for expectations is compounded by the lack of a fiscal, monetary and exchange rate anchor. (in a context in which it is expected that the Central should soon change the exchange rule that it has been applying to devalue below inflation) “.
Second, he added, “because the electoral plan (silver in the pockets plan) and the fiscal seasonality typical of this time of year feed the exchange pressure: $ 500 billion have already been issued to fund the treasury from PASO, effective and expected inflation exceeds 50% per year and we have accumulated a real appreciation of the peso of 15% so far this year. “
Record volume in the wholesale segment
The Central Bank sold US $ 290 million in a round in which the demand reflected the concern about the proliferation of rumors about possible modifications in the exchange scheme. While, simultaneously, the offer also reacted by postponing operations, which should be channeled in the next week.
“There is no discussion in the government in this regard and the goals reflected in the budgets for this year and the 2022 project are ratified,” highlighted a source close to the monetary authority.
In the year, the BCRA maintains a buyer position of 6,000 million in the accumulated of the year.
Official dollar
The The dollar today rose 37 cents this week to $ 105.82 (+3 cents today) -without taxes-, according to the average of the main banks in the financial system, in a context of marked upward pressure for versions of the “unregulated” currency. In turn, the retail value of the US dollar it remained at $ 105.25 in Banco Nación.
The savings dollar or solidarity dollar -which includes 30% of the COUNTRY tax, and 35% to Profit account- rose 61 cents in the week to $ 174.60 (+5 cents today).
The Wholesale dollar rose 28 cents to $ 100.22 (+5 cents), under the strict regulation of the BCRA. Official activity was intense throughout the day and prices were corrected in a scenario of high demand and less presence of genuine supply.
The minimums were recorded with the first operations agreed at $ 100.20, three cents above the previous end. Authorized purchase orders, intended to meet foreign commitments and hedging positions, exhibited a strength that far exceeded the genuine offer available in the market.
The Central Bank remained very active throughout the development of operations, supplying with its sales the shortage of foreign exchange in the sector where banks and companies operate. The maximums reached $ 100.28, a value that was not validated by the official regulation with interventions that in the last half hour accommodated the price around the level of the closing of operations.
The volume traded in the cash segment reached US $ 952,140 million, US $ 504,064 million in MAE futures and US $ 1,273 million were traded in the Rofex futures market. According to private market sources, the monetary authority ended the day with net sales of approximately US $ 290 million.
Source From: Ambito
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