Still month and a half of the flexibility of Dollar restrictions for the public, the market assumes that it exists “A band inside the band” of more limited flotation that initially established the government of between $ 1,000 and $ 1,400.
This has a roof similar to the midpoint of the wide band, of $ 1,200 and a floor that is equivalent to the value of the previous official dollar adjusted by the 1%crawling.
This was stated by the economist Miracles Gismondi in a talk offered this week within the framework of a meeting organized by the Universidad Austral.
“It was released, the stocks were flexible and yet the exchange rate that could have been at $ 1,000 or $ 1,400, He remained in this almost month and a half in some bands inside the bands. ” Gismondi explained.
The professional, who is also a teacher in that house of studies, said that “When the dollar played the center of the band began to fall And when he touched a floor, which is not the $ 1000 floor but the floor of how 1% crawling came also up. ”
“That is It remains in new bands, at least that can be drawn at this time. And what we saw is that in April he ultimately rose 5%, that is, 5% average monthly was depreciated and now it comes to 1.9%, ”he said.
Gismondi, who is an analyst at Financial Allies, indicated that “The truth is that the flexibility of the stock was made very calmly and that was the goal.”
“And that will probably continue to see The great beacon that shows this economic program that is fiscal and that is what anchors expectations, ”he added. “That is, a rate of Interest in high pesos, positive real interest rate and then leads us to say that you can be a time in pesos, And the demand for dollars down, ”he said.
Gismondí indicated that on the band’s roof side, The government is acting from the Central Bank, operating futures contracts. “Then also some operation in futures, that although we still do not have the May data, in April we know that the Central Bank He intervened in futures for $ 409 million, ”he explained.
The economist assured that this scheme is supported by other signals to which He calls “beacons” that the government leaves so that market operators see a descending trajectory of the exchange rateor at least, it will not go up. Among them is Bopreal placement and The initiative for Argentines to take dollars from the mattress.
“That is to say the trajectory and we continue to see that This flirt between this floor and the center of the band are probably throughout the year. I say to the elections at least we will be there ”, Indian.
Source: Ambito
