Exchange pressure and financial dollars grow They go up for the fourth consecutive day, which leads to the gap to exceed 11% after the announcement of the Cross restriction for individuals imposed by the Central Bank (BCRA), which blocked for 90 days access to MEP/CCL when using the official change market.
He Dollar Mep advances 1% to $ 1,469.30 and the gap against the wholesaler is 8%. Meanwhile, the dollar counted with liquidation (CCL) rises 0.9% to $ 1,509.49with an 11% spread compared to the official price, which operates at $ 1,379 in the wholesale segment.
About noon, after the official exchange rate touched $ 1,435, a sales orders barrier appeared that at $ 1,380 for a volume close to US $ 450 million, of which market sources assured Scope that suspect that they are official positions.
For its part, the Retail dollar quotes $ 1,326.87 for purchase and $ 1,381.33 For sale In the average of the financial institutions published by the Central Bank (BCRA). Meanwhile, in the Nation Bank (BNA)the ticket is done to $ 1,365 For purchase and $ 1,415 For sale. Thus, the Card or tourist dollarequivalent to the retail official dollar plus a surcharge of 30% deductible from the income tax, it is located $ 1,839.5.
The market remains expectant to a day in which agriculture would contribute, according to estimates, at least US $ 1,300 million. The attention is put on Tuesday as of that flow will absorb the treasuretaking advantage of the open opportunity window with the zero withholding scheme.
It is worth remembering that last Monday, the reserves fell US $ 116 million, although the treasure accumulated currencies through the “block purchases” or “block trades”. It happened because, simultaneously, the national public sector had to make several debt payments to international organizations. Indeed, official sources confirmed to Scope that U $ 334 million were paid during the day. In particular they highlighted obligations with the Paris Clubhe IDB and the CAFfor US $ 116 million, US $ 65 million YU $ S97 million, respectively.
This effect, added to movements in the contributions, They prevented the US $ 500 million from bought this wheel (as confirmed from the Government) are reflected in an improvement in reserves. In gross terms, they yielded to U $ S41.122 million while, in net terms, the coffers of the monetary authority add up to approximately some US $ 7.4 billion.
The government celebrates, but there are “taste little”: does the exchange pressure return?
From the government they celebrate the treasure accumulating dollars, while taking pesos of the market, as happened in the last tender last week. In contrast, several economists, such as Gabriel Caamaño or amilicar collante, felt “Gust little” With the last intervention, considering the extraordinary contribution of the field.
It is worth remembering that at the end of last week the BCRA restored the Cross restriction that prevents people, to buy dollars at the official exchange rate, sell in financial for at least 90 days. In this way, the ruling party intends to cut with the “rulo” through which many individuals with high firepower were generating offer in the CCL with foreign exchange acquired in the official market, so that many companies (still ease) can cancel debt to a null gap.
“The objective is to reduce the pressure on the official exchange rate just in the final stretch of the liquidation of the dollars committed under the ‘zero retentions.’ In this way, the treasure would be allowed to capture as much as possible of the currencies that the agro is liquidating. The government decided to eliminate competition and ensure the flow at a critical moment“The PPI Stock Exchange Society said in a report.
On Friday this had been more clearly perceived, since the Treasury bought 77% of the “AGRODOLARS” offer. But this Monday the percentage fell considerably, as detailed above.
In this context, PPI warned that “When the extraordinary flow of dollars is exhausted, the perspective of exchange jump will grow, as already anticipated by the expansion of the gap (today at 10%)“.” The currency supply will be diluted, while the demand, far from disappearing, will be stronger than ever (due to import payments, cancellations of foreign currency loans, formation of external assets and arbitration against the blue dollar, among others), “the entity deepened, who sees a greater hardening of the stocks if the highest pressure on the dollar is confirmed.
Source: Ambito
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