“I think that for a company or large investors, the GD30 is more representative, which apart from offering the coverage of foreign legislation,” said the specialist, although he clarified that all prices must be monitored.
For its part, the MEP (via AL30) increased 0.6% to $213.69. The spread with the wholesaler rises to 104.7%.
“In addition to seasonality, there are two elements that allow us to think that the dollars could go looking for new nominal records: 1) the excess of pesos and 2) the deterioration of expectations due to an agreement with the IMF that is moving away,” he said. the stock exchange company Portfolio Personal Inversiones.
The tension between the Government and the IMF is due to differences in terms of speed and the path that Argentina must follow to reach fiscal balance. From Casa Rosada they intend to take a more gradual path, while in the organization they press for a faster adjustment.
Many analysts maintain that despite the disagreements there will be an agreement before March 22, at which time Argentina must pay the agency about US$3 billion, a figure that exceeds the amount of net reserves held by the BCRA.
“Although time is running out, we suspect that the government of Argentina will secure a new agreement with the IMF in the coming months and shift towards more orthodox policies. The biggest challenge will be to restore the competitiveness of the currency while keeping a check on inflation and the currency-laden government debt,” Capital Economics projected.
The difficulties in closing the agreement are worrying considering the fragile capacity to retain the dollars that enter the country. The BCRA accumulates three consecutive days with net sales of foreign currency to supply the demand in the official foreign exchange market, within the framework of imports at their highest levels since the crisis unleashed in 2018, and a certain decrease in foreign currency income due to the harvest wheat.
This Thursday the INDEC reported that in December the trade surplus slowed to its lowest level in 2021. However, it accumulated a result of US$14.75 billion in the year, the second highest mark since 2009. Exports scored a record in nine years, driven by significant improvements in international commodity prices.
The greater inflow of foreign currency was not reflected in an equivalent improvement in reserves, due to debt payments, intervention to contain the price of financial dollars until the legislative elections, and supplying the demand for imports.
Official dollar and Central Bank
The dollar today operates stable this Friday, January 21, 2022 at $109.71, according to the average in the main banks of the financial system. In turn, the retail value of the currency in Banco Nación is quoted at $109.
On Thursday, the Central Bank sold foreign currency again and accumulated a net loss of US$140 million in the last two rounds, although it continues to post a favorable result for the month. This Thursday, it disbursed US$30 million in a scenario that maintains a high level of imports and a slight decrease in the income of exporters.
The savings dollar or solidarity dollar -which includes 30% of the COUNTRY tax, and 35% on account of the Income Tax- trades flat at $181.02. In this way, it is located about $34 from the blue.
In the wholesale segment, the dollar increased seven cents to $104.31, under the constant regulation of the BCRA.
The blue dollar operates without variations this Friday, January 21, 2022 at a record $214, according to a survey by Ámbito in the Black Market of Currencies.
In this way, the parallel dollar accumulates an increase of $8 from its monthly minimum, recorded last Monday, January 3.
Thus, the gap with the wholesale exchange rate, which is regulated by the Central Bank (BCRA), stands at 105.1%, a maximum of two months.
Source From: Ambito
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