At par, the MEP dollar or Stock Exchange -valued with Global 2030- it rebounds 50 cents to $196.55, leaving a spread of 83.2%.
In the informal market, meanwhile, the blue dollar remains at $210, according to caves in the City of Buenos Aires.
The prices of the alternative exchange rates reached a maximum of $233 (CCL) on January 27, the day before the announcement of an understanding with the IMF for the debt and the payment of a due date with the organization. Since then, the exchange rate gap has been compressed by almost 35 points, going from 122% to the current 88%, with additional support provided by the price of agricultural commodities.
The investors “They had prepared for the ‘end of the world’, which obviously did not come. The quota to the IMF was paid in a timely manner, and the agreement with the entity has an ambitious content that obliges the country to execute more reasonable economic policies. In turn, the real appreciated to the area of 5 units per dollar and soybeans exceeded US$600 per ton. The agreement with the IMF has yet to pass through Congress, a step to which we assign a high probability of occurrence,” commented from Delphos Investment.
In this way, the financial dollars began to “reprice” the scenario of the end of the world for one a little less “catastrophic”, they say in the market. “We believe that this trend is just beginning and still has fertile ground to develop hand in hand with greater domestic rationality and a highly favorable global context,” they added from Delphos.
In the meantime, it is worth remembering that Argentina must pay in March a maturity of some 2,900 million dollars to the IMF and another 2,000 million to the Paris Club, when the Central Bank (BCRA) does not have the necessary liquid reserves, so the market expects a soon agreement with the entity.
“The gross liquid reserves that the BCRA could sell in the market are close to 14,000 million dollars, giving it a window of time until the liquidation of the thick harvest begins in April”affirmed Neix, but stressed that it is necessary to put “Attention that the level of net reserves is critical, close to zero after the last payment to the IMF”.
At a global level, investors have their sights set on the negotiations for the agreement with the IMF, the Russia-Ukraine conflict and the performance of the US rate. “Despite the positive prospects for an agreement with the IMF, macroeconomic stability is necessary for financial instruments to begin to register a positive trend in a sustainable manner. Meanwhile, volatility will continue,” they warned from Research for Trades.
The United States and its allies on Wednesday revealed further sanctions against Russia over its recognition of two breakaway zones in eastern Ukraine, while making it clear that tougher measures were reserved in the event of a full-scale invasion by Moscow.
In this framework, the Argentine country risk rose four units to 1,729 basis points, compared to a minimum level of 1,083 points recorded in September 2020 after the closing of a large foreign debt swap with the private sector.
official dollar
Under strict Central Bank regulation, the wholesale dollar rises 11 cents to $107.30. The monetary authority had to part with some US$55 million the day before to supply the genuine demand. It was the second round with net sales after the negative balance of US$6 million recorded on Monday.
In that framework, the retail dollar -without taxes- increases two cents to $112.82 this Wednesday, February 23, 2022, according to the average in the main banks of the financial system. In turn, the retail value of the currency at Banco Nación it is listed unchanged at $112.50.
Consequently, the savings dollar or solidarity dollar -retail plus tax- amounts three cents to $186.15 on average.
Source: Ambito
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