Morgan Stanley “Uncertainty” about the details of the next program with the IMF affected exchange markets in recent days.
Morgan Stanley, the American bank, warned that it is necessary that The country clear the doubts about the exchange rate and on the agreement with the International Monetary Fund (IMF). And that these uncertainties are those that weigh today on the price of Argentine assets.
Thus, in a document the entity maintains that “We consider that more clarity is necessary about the future of exchange policy” and that “this clarity will probably only be achieved once the program with the IMF is completely agreed, which we hope will happen next month.”
“Until recent A week ago, reports arose that suggested that a more flexible exchange scheme could be an initial characteristic of the program with the IMF“They said.
Subsequently they recalled that, in the last eight business days, The BCRA sold US $ 1,300 million, although sales seem to be decreasing this week.
The Investment Bank estimated that the recent approval of the program with the IMF in Congress eliminates a source of uncertainty, but market dynamics suggests that more clarity is still needed about exchange policy. “We suspect that this clarity will only come once the program is completely agreed,” they said bluntly. Even so, Morgan Stanley’s base stage remains a gradual movement towards a more flexible exchange policy.
Caputo and the announcement on the agreement with the IMF
Argentina requested a Loan of US $ 20,000 million to the International Monetary Fund (IMF) The Minister of Economy affirmed on the previous day, Luis Caputo. Still It is expected to have the final approval of the agency’s Board.
The decision to announce the amount was taken after the head of the Palace of Finance discussed with the head of the agency, Kristalina Georgieva in what is interpreted as a I try to calm the tension that has been registered in the exchange markets. The minister stressed the importance of backups and pointed out that he is not worried about volatility.
Days ago they generated Uncertainty The journalistic statements of Minister Caputo when he did not ratify the continuity of the “Crawling Peg” scheme. In the midst of rumors about a possible IMF demand to make exchange adjustments in exchange for sealing a new agreement for debt Disarmament operations of “Carry Trade” strategies were recorded.
Source: Ambito
