Financial dollars fall below $200 (gap, reduced to 85%)

Financial dollars fall below 0 (gap, reduced to 85%)

The fall of the previous month was associated with the fact that the market took in a good way the announcements of the president and the economy minister about the pre-agreement with the IMF for the renegotiation of a debt of US$45,000 million, which was announced on December 28. January.

Another factor that cooled this segment was the decision of the Central Bank’s board of directors to raise the Leliq reference rate -for the second time in the year-, by 250 basis points to 42.5% per year for a term of 28 days, from the 40% current.

In this regard, the BCRA Board decided to raise the monetary policy reference rate by 250 basis points and create the 180-day Liquidity Note (Notaliq) in order to offer a medium-term instrument to absorb liquidity.

The uncertainty prior to the announcement of an understanding between Argentina and the IMF over the debt had caused the blue dollar to skyrocket, reaching $223.50 on Thursday, January 27, its nominal historical maximum so far.

The prices of the alternative exchange rates reached a maximum level 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 had narrowed by almost 35 points, going from 122% to the current 86%, with additional help provided by the price of agricultural commodities, the acceleration of the crawling-peg in the official dollar.

In recent days, the Argentine market has been rearranging itself in the face of the global upheaval caused by the Russian invasion of Ukrainian soil, which triggered raw material prices and opened up a complex geopolitical panorama between world powers.

In the informal segment, the blue dollar drops $4.50 to $206.50, its lowest value since the beginning of the monthaccording to a survey carried out by Ámbito in the Foreign Exchange Black Market. Consequently, the spread between the blue dollar and the wholesale exchange rate stands at 91.2%.

During the past week, the informal price remained at the same levels as seven days ago, although it remained the most expensive exchange rate in the market, since the CCL is trading around $200.

official dollar

The dollar today -without taxes- rises 30 cents to $113.25 this Wednesday, March 2, 2022, according to the average in the main banks of the financial system. In turn, the retail value of the currency at Banco Nación rises 25 cents to $112.75.

In February, the currency, which is directly regulated by the BCRA, advanced $2.40 (2.3%) to $107.45 (+7 cents). In the week, the wholesale exchange rate rose 77 cents, the second highest correction of the current year.

In that period, the Central Bank (BCRA) sold reserves for the fifth consecutive day, ending with a negative result of some US$90 million. The monetary authority sold more than US$270 million since Monday, and accumulated a negative balance of some US$190 million in February. This is the fourth month in a row with a negative result.

Source: Ambito

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