He Government sealed an agreement with the International Monetary Fund (IMF) in mid -April, which committed disbursements for $ 20,000 million, in sections, for reserves of the Central Bank (BCRA). As part of that road map, the Phase 3 of the economic programwith two pillars: the partial release of the stocks for human people (not for companies) and the adoption of a flotation regime between bands For the dollar.
The flotation scheme defined a corridor for the wholesale exchange ratewith a floor and a ceiling within which the price floated freely. At the start, the range remained between $ 1000 and $ 1400; If the price touched any of those limits, the BCRA He had to intervene.
It was a “Divergent” runner: The bands moved 1% per month. After updates, the floor It was located in $ 952 and the ceiling in $ 1474.30. Thus, the flotation margin was closer to the upper limit due to the recent dynamics of the market.
The official dollar quotes above the band’s roof
The official dollar broke the Intervention threshold of the Central Bank (BCRA). The City remains in suspense of what it considers a critical signal. The BCRA is already enabled to sell currencies.
He Wholesale dollarwhich is the market reference and the one that counts for the scheme of flotation bands, trades at $ 1,474.5 and It exceeds the upper band for the first time from the partial release of the stocks.
Meanwhile, in the retail market, The ticket also accelerates progress and quotes at $ 1,435 for purchase and $ 1,485 for sale at Banco Nación.
Among the parallel contributions, the Accounting with liquidation (CCL) is $ 1489.70 (rises 0.5%), the MEP to $ 1,485.73 (advances 1.1%), the Blue at $ 1,470 and the crypto dollar is sold at $ 1,497,97according to the average published by Coimmonitor.
The electoral influence
After the elections in the province of Buenos Aires, where La Libertad advances (lla) lost for almost 14 points facing Homeland, The tension that was already coming from the disarmament of the Fiscal Liquidity Letters (LEFIS). In the Cityseveral economists evaluated that the wholesaler could test the ceiling of the band, even before the legislative elections of the October 26.
On Monday’s wheel, the exchange rate was approaching the upper end. After the last operations, the wholesale dollar closed in $ 1,466.50 For sale (the previous day ended in $ 1467), still very close to the maximum of the regime set by the government of Javier Milei Five months ago.
What about the scheme if you touch the roof
The regime established that the Central Bank will not intervene as long as the price is maintained within the corridor. If the wholesaler drills the floor or touch the roof, today around $ 1472, the monetary authority must buy (In the first case) or sell currencies (in the second) to redirect the price to the range.
So far, the BCRA did not intervene directly. Yes did the treasure in the previous of the Buenos Aires elections. As explained by the Secretary of Finance, Pablo Quirnothe goal was “Contribute to its liquidity and normal functioning” of the Single and Free Market (Mulc).
With the volatility increased by the electoral result and the proximity of October, the focus of the operators was in three variables: the proximity to the roofthe BCRA response capacity within the regime of flotation between bands and the coordination between Treasure and Central Bank To manage liquidity without overflows.
Source: Ambito
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