For its part, the MEP dollar rises 0.6% to $ 205.16, and leads to the gap with the official to 98.22%.
Simultaneously, the Central Bank (BCRA) has just increased its reference rate to 40%, amid annualized inflation above 50% and a sharp third wave of coronavirus that raises concerns about its impact on the economy.
“Traders are monitoring the reactions to the rate hike – a decision in the right direction that is expected to be deepened – and the acceleration of the ‘crawling-peg’ in order to assess the chances of closing the ‘gap’ from the bottom to the top. up “, highlighted the economist Gustavo Ber.
“For it It will be necessary for the financial dollars to reflect a greater calm, in view of the expectation of an agreement with the IMF, since otherwise the climate of uncertainty still prevails, which is even accentuated after the recent high monetary issue“he added.
For his part, Roberto Geretto, an economist at the Fundcorp fund, indicated that “a gap of 100% is unlikely to be substantially reduced with homeopathic doses of rates (from the BCRA). To make matters worse, the drought and a possible rise in rates of the ‘Fed’ sooner than expected are factors to monitor, since they would make the outlook more complicated, “he synthesized.
Official dollar and Central Bank
The first week of the year was characterized by an acceleration of the ‘crawling-peg’, with which the Central Bank aims to close the ‘gap’ from the bottom up, beyond the Dollars Financial statements continue to be sustained due to the uncertainty due to the agreement with the IMF and greater external volatility.
The wholesale dollar advanced four cents to $ 103.28 under the constant regulation of the BCRA. Thus, it climbed 56 cents (0.5%), the biggest weekly rise in 10 months (from the week ending 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 all the rest of the rates of 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, in search of reactivating 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 in the face of 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 a 30% of the COUNTRY tax, and a 35% on account of the Income Tax- advanced 23 cents to $ 179.62.
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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