For his part, the MEP climbed 0.8% ($1.65) to $204.11, highest nominal value since November 24, 2021. The spread with the official grew to 96.1%.
The negotiations with the IMF concentrate the attention of the market, taking into account that in the first quarter maturities with the agency are close to US$4,000 million, an amount higher than the net reserves of the BCRA, which are those that do not have a counterparty liability ( excludes Swaps, for example).
“A volatile market is expected in the coming weeks, especially without rumors of a rapprochement between the Government and the IMF,” estimated the brokerage firm Personal Portfolio Investments.
For its part, the consultancy Delphos Investment estimated that “negotiations with the credit institution must have an important dose of pragmatism to reach an agreement before the maturities for 2,800 million dollars on March 21 and 22.”
This Monday it was learned that the debtAs of December 31, 2021, the public reached an equivalent of more than US$360,000 million. Although 70% corresponded to debt in dollars, it is worth noting that during the last year liabilities in foreign currency fell 0.4%, while those denominated in pesos grew 36.5%.
The economist and researcher at the Center for State and Society Studies (CEDES), Joaquín Waldman, highlighted to this medium the reduction in the weight of debt in relation to GDP (due to the recovery of the Argentine economy and the appreciation of the real exchange rate) and the proportion of debt in dollars.
For 2022, debt maturities are estimated for the equivalent of US$93,017 million. Most of the total maturities correspond to government bonds in national currency, for the equivalent of US$47,755 million. However, all eyes are on the almost $19bn in maturities with the IMF.
“The most important thing regarding debt is still when and what you sign with the Fund. It is still what makes it difficult for you to refinance maturities in dollars with private parties and what generates uncertainty throughout the economy,” Waldman said.
In this context, the Argentine foreign minister, santiago cafiero, will meet on Tuesday with the secretary of the United States Department of State, Antony Blink, to seek political support in the face of the talks with the multilateral credit organization, which for the moment are blocked by differences in fiscal matters.
Official dollar and Central Bank
The wholesale dollar climbed 28 cents this Monday to end at $104.10, in a day with a low level of activity due to the impact of the holiday in the US. The official exchange rate is headed for a monthly rise of more than 2% in January, something that has not happened since March 2021.
Market sources said that the price operated this day with stability and little fluctuation, always within the range established for today by the BCRA.
“The holiday in the United States restricted local operations, limiting them to those operations carried out against the dollar accounts that financial entities have in the Central Bank and those that can be settled starting tomorrow, when the activity normalizes,” said Gustavo Quintana. , from PR Exchange Brokers.
“The small amount of operations today and the lack of a more accurate reference for the evolution of prices due to the impact of the holiday abroad, makes the analysis of what happened today less important, postponing for the next few days the analysis and projections on exchange rate movements,” he said.
For the third day in a row, the monetary authority ended its intervention in the foreign exchange market with a neutral balance. So far in January, it has been able to buy more than US$200 million, in net terms, helped by the higher income of foreign currency from the fine wheat harvest.
Last week, the agro-export complex totaled revenues of US$643.4 million, according to market sources.
Even so, reserves accumulate a decrease of US$367 million in this first month of the year, mainly due to debt payments with private bondholders.
The savings dollar or solidarity dollar -which includes 30% of the COUNTRY tax, and 35% on account of the Income Tax- it rose 41 cents to $180.61.
The blue dollar fell this Monday, January 17, 2022 from its maximum historical record, according to a survey by Ámbito in the Black Foreign Exchange Market.
The informal dollar fell 50 cents to $209. Therefore, the spread with the wholesale exchange rate, which is regulated by the Central Bank (BCRA), stands at 100.8%.
Source From: Ambito
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