The official dollar loosen and fell into the wholesale and retail segments as the first reaction to the announcement of the Ministry of Economywhich confirmed that the Treasure will intervene (through Central Bank) in the sale of currencies to contain the exchange pressure prior to the elections in the Province of Buenos Aires.
At the wholesale level, the dollar lost $ 11 (0.8%) and backed down $ 1,361 after the Secretary of Finance, Pablo Quirnoindicate that from this day he will participate in the Single and Free Market (Mulc) for “In order to contribute to its liquidity and normal functioning”.
Also, the Retail dollar It goes back almost $ 13 to $ 1,379.63 for sale in the average financial entities of the Central Bank (BCRA). In it Nation Bank (BNA) The green ticket closed with a drop of $ 10 and $ 1,375. Thus, the dollar card o Tourist, and the savings (or solidarity) dollar, equivalent to the official retail dollar plus a surcharge of 30% deductible from the income tax, is located at $ 1,787.5.
As for parallels, the MEP dollar 0.6% falls to $ 1,367.58, while the dollar counted with liquidation (CCL) It does 1.6% to $ 1,369.76. He dollar Blue rose to $ 1,360, according to a survey of Scope in the City caves.
Future dollar contracts closed mixed. The “Price” market that the wholesale exchange rate at the end of September will be $ 1,406.5 and that in December will reach $ 1,544, which exceeds the band’s roof.
As for the news of the intervention, the economist Eric Paniagua said to Scope that it was “a very ambiguous ad” that allows to officialize the institutional participation of the government in the Mulc, although without specifying how or when, something that would allow “Decompress devaluation expectations”.
The BCRA intervened in the Mulc and caused falls in the price
Market sources, confirmed to the scope that there was BCRA intervention in the Mulc with sales that caused falls in the pricewhich had touched maximum $ 1,380 at the start of the wheel.
In turn, they highlighted that then the wholesale dollar operated very stable on the strip of $ 1,360 and with little spred between the purchase price and the sale pricewithout an unusual volume of operations. The average repo ranged in 58%, while the rate of bond to one day is 43.11%.
The participation of the BCRA in the Mulc responded to the account and order of the treasure, which cannot operate directly in the marketfor what it does through the monetary entity.
In this regard, the economist Gustavo Ber pointed to Scope He believes that The exchange rate can be maintained “relatively stable” in the passing of this pre -election weeksince the economy statement seeks economic agents to delight their dollarization at this stage so that the price does not reach the upper band.
“It would seek to deter, but without having to act with the same decision, the potential sales that would then have on the roof of the band, a strategy that could be just conjunctural to avoid volatility,” he added.
The economist Lorenzo Sigaut Gravina He assured that the ruling is doing “a bit everything that all governments do before the elections, which is keep the dollar controlled so that inflation does not accelerate“, including the sale at subsidized prices of futures, the interest rate rise and, now, the direct sales of the Treasury in the Mulc.
Source: Ambito
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