The advance of these first five days of the year is the highest weekly increase in 10 months (considering week of March 19, 2021)
The monetary authority on Thursday increased the yield of ‘Leliq’ bills to 40%, from a previous of 38%, although in the opinion of analysts it is a long way to be competitive against a projected inflation slightly above 50%. In turn, it created a 180-day market with the same asset and a rate of 44%.
This upward movement dragged down all the rest of the rates in the domestic circuit, from interbank loans to fixed terms for large investors. It is “a very small step on a long road towards monetary and financial normalization (of the BCRA). Liquidity growth remains extraordinarily high: from a narrow monetary base to higher monetary aggregates such as ‘M3′”, said Alberto Ramos, an analyst at Goldman Sachs.
“To a large extent, the monetary authority lost the ability to control internal liquidity due to the need to cover large amounts of fiscal financing -monetization of public spending-“, he added.
The economist Gustavo Quintana stated that “the BCRA announced a rate hike, a measure in the right direction beyond the fact that it would require new rounds in order to achieve the objective of reaching positive real rates, seeking to reactivate a greater appetite for placements in pesos“, affirmed the economist Gustavo Quintana.
He added: “This is combined with an acceleration of the ‘crawling-peg’, which aims to close the ‘gap’ from the bottom up, beyond the fact that financial dollars continue to be sustained by the uncertainty due to the agreement with the IMF and the higher external volatility “.
In the retail segment, the Today the dollar rose 14 cents this Friday, January 7, 2022, to $ 108.86 -without taxes-, according to the average in the main banks of the financial system. In turn, the retail value of the currency at Banco Nación advances 25 cents to $ 108.50.
The savings dollar or solidarity dollar -which includes 30% of the PAÍS tax, and a 35% on account of the Income Tax- advanced 23 cents to $ 179.62.
Dollar CCL and MEP
Meanwhile, financial dollars operate with further increases, after the increase in rates. The MEP dollar remains above $ 200 and is above the CCL traded with the Bonar 2030, the most liquid bonds in the financial market.
The price of the also denominated dollar “stock” rises 0.5% to $ 203.13, which is why the gap with the official climbs to 96.6%.
Meanwhile, the “counted with liqui” rises 1.7% to $ 202.46, which brought the gap down to 96%. However, other versions of the CCL, traded with other bonds, ADRs, or Cedears, showed increases to settle above $ 210.
The dollar blue snapped a streak of three consecutive rises this Friday, January 7, 2022, according to a survey of the Scope in the Black Market of Foreign Currency.
After advancing $ 2.50 between Tuesday and Thursday, the informal dollar fell 50 cents at the end of the week to $ 208. Therefore, the gap with the official dropped to 101.4%.
Source From: Ambito
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