For its part, the MEP yields 0.2% to $203.75, after reaching its highest nominal value since November 24, 2021. The spread with the official narrows to 95.6%.
The negotiations with the IMF focus 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 liability as counterparty (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 stock exchange company Portfolio Personal Inversiones.
For its part, the consulting firm Delphos Investment estimated that “negotiations with the credit institution must have a significant dose of pragmatism to reach an agreement before the maturities of 2,800 million dollars on March 21 and 22.”
This Monday it was known that the public debt as of December 31, 2021 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 the debt in relation to GDP (due to the rebound 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 Blinken, to seek political support for the talks with the multilateral credit organization, which for the time being are hampered by differences in tax matters.
Official dollar and Central Bank
The The dollar today rises seven cents this Tuesday, January 18, 2022 and trades at $109.53, -without taxes-, according to the average in the main banks of the financial system. In turn, the retail value of the currency in Banco Nación operates at $109.
The savings dollar or solidarity dollar -which includes 30% of the COUNTRY tax, and 35% on account of the Income Tax- advance 11 cents to $180.72.
In the wholesale segment, the dollar rises eight cents to $104.18, under the constant regulation of the BCRA.
“Yesterday, the increase in the wholesale exchange rate compensated, as at the beginning of the week, for the inactivity of the weekend, but with a somewhat greater adjustment than that registered at the beginning of the previous week,” explained analyst Gustavo Quintana.
On Monday, the Central Bank ended with a neutral balance for the third consecutive round and, in this way, the monetary authority accumulates more than US$200 million so far in January.
Even so, reserves have accumulated a decrease of US$310 million so far in January, mainly due to debt payments with private bondholders.
The blue dollar operates this Tuesday, January 18, 2022, close to its new all-time high, according to a survey by Ámbito in the Black Market of Currencies.
The dollar informal remains at $209, therefore, the spread with the wholesale exchange rate, which regulates the Central Bank (BCRA) is located at 100.8%.
In December, the parallel dollar advanced 3.2% ($6.50), against monthly inflation of 3.8%, according to INDEC.
Likewise, in the accumulated of 2021 it had an increase of 25.3% ($42), half with respect to the inflation of the period (50.9%). However, it is worth remembering that in 2020 it had shown a sharp jump of 111%.
Source From: Ambito
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