Yes OK the gaps are at a minimum of five days, are still at high levels. The Economist Gustavo Ber He said that prices remain sustained “given that the search for coverage continues to be the order of the day among operators due to the climate of uncertainty, currently accentuated pending the political strategy before the IMF.”
It is worth remembering that last week the differences between the Government and the multilateral credit organization regarding the fiscal path that the country must comply with in the context of the debt renegotiation were publicly known.
While from Casa Rosada they seek a gradual reduction of the fiscal deficit, supported by the side of economic activity and collection, to reach a balance in 2027, at the institution led by Kristalina Georgieva they ask for a greater adjustment, with spending cuts in terms real so that the balance is achieved sooner.
There is agreement on other points, such as the need to limit the weight of monetary issuance in financing deficits, to have an exchange rate consistent with the ability to accumulate foreign currency from Argentina, and to have positive real rates to promote savings. in domestic currency.
Regarding these last two points, there already seems to be slight advances. To the slight acceleration of the “crawling peg” was added the decision of the BCRA to increase its reference rate to 40%. In effective terms, Leliqs now yield 48.3% and fixed terms 46.8%, figures that seem insufficient to overcome an inflation that the market estimates at 54.8% by 2022, according to the latest REM.
Official dollar and Central Bank
The wholesale dollar climbed 12 cents this Wednesday to $ 103.68, under the constant regulation of the BCRA. It was the largest daily advance since December 7 (Discounting the rises that the price usually has after the weekend or holidays).
At this rate of adjustment, the official exchange rate is heading to register a monthly rise of more than 2%, something that has not happened since March 2021.
On this journey, the Central Bank added its eighth consecutive round without selling foreign currency, although this time the purchase was barely US $ 1 million, in net terms. So far in January the monetary authority acquired more than US $ 200 million, helped by the higher income of dollars from the fine wheat harvest.
In the first two rounds of the week, more than US $ 300 million came in from exports of cereals and oilseeds.
Even so, reserves accumulate a decrease of US $ 310 million so far in January, mainly due to debt payments with private bondholders.
“The price of the wholesale dollar remained with little fluctuations within the initial level during much of the first section of the session. The authorized demand intensified its dominance in the last hour of operations, giving rise to an upward correction in prices”, Indian Gustavo Quintana, by PR Corredores de Cambio
“The small amount negotiated reduced the participation of the Central Bank that ended the day with a minimal balance in favor, but accumulating another day without loss of reserves since the beginning of the month. The fall in the level of activity in the market takes away depth and liquidity to the development of operations, which in the first part of the year continue to exhibit a slight supremacy in the supply of foreign currency, a factor that contributes to the better performance of the monetary authority with results that, up to now, meet the official objectives in the matter ” , he limited.
The savings dollar or solidarity dollar -which includes a 30% of the COUNTRY tax, and a 35% on account of the Income Tax- increased 13 cents to $ 179.93, although it is still almost $ 30 below the blue dollar.
blue dollar
The blue dollar fell 50 cents this Wednesday, January 12, 2022, according to a survey by Ámbito in the Black Foreign Currency Market, after equaling its historical maximum in nominal terms the previous day.
In a week with considerable volatility, the informal dollar fell back to $ 208.50 on this journey. Therefore, the spread with the wholesale exchange rate, which is regulated by the Central Bank (BCRA), fell to 101.1%.
Source From: Ambito
David William is a talented author who has made a name for himself in the world of writing. He is a professional author who writes on a wide range of topics, from general interest to opinion news. David is currently working as a writer at 24 hours worlds where he brings his unique perspective and in-depth research to his articles, making them both informative and engaging.
