While looking for the dollars that are “under the mattress”,The Government accelerated this week the intervention in futures contracts. It is a way of encouraging currency liquidation in the short term and pushing the band’s apartment to accelerate the deflation process. In ark there are doubts and certainties about the new laundering scheme. A new Rulo allowed banks to place 0% debt and importers avoid the stocks exchange
The economic team is interceding in different ways in the expectations to lead to dollar to the bottom of the band. First he did it with public statements, then with the announcement that the decrease in retentions will not be renew as anticipated scope, with direct intervention in the futures market.
Last week this media realized a PXQ report that revealed “Movements in future dollar contracts that allow us to assume that there was official intervention”. This week the consulting firm 1816 assured that they operated “Huge amounts in December” And he spoke of “unpublished figures in the Milei era and very rarely seen in the last 10 years, something that was not seen since 2015”.
On this point, A renowned consultant told scope that for last Wednesday the operated volume reached US $ 5,000 millionwhen normal at that height of the month is a figure close to US $ 1,000 million. While the agreement with the Fund does not prohibit it, the technical document prepared by the agency’s staff indicates that the government “did not expect” intervene in this market.
Javier Milei’s commitment is to remove the idea of a exchange jump, hurry the currency liquidation, Reactivate the Carry Trade with high rates in pesos and take the dollar to the lower part of the band. In this way, it could accelerate The deflation process and improve the fate of the ruling in the legislative elections.
Doubts and certainties about the new laundering
The new government attack to circulate in the formal corridor the dollars They are also in informality in this scenario. “There are US $200,000 million of the Argentines who are below the mattress or God know where,” the IMF managing director Kristalina Georgieva had previously claimed.
Minister Luis Caputo said, and then President Javier Milei confirmed that they will use those currencies to make transactions without justifying the origin of the funds. Everything happened days before the laundering approved by Congress is finished, which was in force until last week. There was talk of a roof of up to US $ 100,000 and after up to US $ 15,000,000.
In circular Argentina that goes bleaching in money laundering and now in record time, everything is possible. Even that The government dodges Congress and that the measurement by joint resolutions of Arca and the Central Bank is instructedaccording to sources from the collection agency.
A source of trajectory in the Exafip told the idea that the idea is that The tickets can be deposited at the branches and then the purchases are made in all cases bankrupt. The experienced accountant raised a doubt: what will the hounds of each delegation with those who have left the mark of evasion before a change of political sign if there is no law that supports? More doubts than certainties
THE RULE OF IMPORTERS TO TAKE DOLLARS
Although the government tries to hide or hide it, behind each inconsistency is The lack of dollars. The sun cannot cover with your hands, so although Javier Milei insists that he eliminated it, The exchange rate There is still and the operators continue to play cat and mouse with the regulator.
This week the market was surprised at a series of Colocations of banks with 0% rates And that is directly linked to the need of some companies to turn dollars abroad, something that Current regulations do not allow Because who uses the road with liquidation is prohibited from returning to the official market for ninety days.
But made the law, made the trap. “Banks do the fronting of importers give them the weights and At the expiration of the negotiable obligation, importers have dollars abroad Without violating cross restriction, ”explained an operator from the City to the field. In the last hours, the government took note and lifted the phone so that the mechanism is not repeated.
Source: Ambito
