Argentina and authorities of the International Monetary Fund (IMF) reached a final agreement to refinance a debt close to 45,000 million dollars with payments from 2026, both parties said in separate statements.
The Government of President Alberto Fernández will send from one moment to another to the Chamber of Deputies the memorandum of understanding with the credit institution. The Congress will have to deal with the project and, once approved, it will be sent to the IMF directory to obtain its final endorsement.
“While waiting to be able to close and approve the agreement with the IMF, the operators are following the balance of the interventions and the rhythm of the ‘crawling-peg’ with attention on a daily basis, holding out waiting for the usual greater supply of foreign currency since the exporters in a while,” said Gustavo Ber, an economist at Estudio Ber.
He added that “even so, a greater calm has returned to the financial dollars – after a short-lived realignment from the lows – as tactical bets towards ‘carry-trade’ among operators are still prevailing.”
“The exchange rate gap is beginning to shrink and we have to play with that factor. It seems that we are facing a mirror of what was the first half of 2021, with low emission -almost zero-, rise in the official exchange rate and the gap narrowing“, recalled Gonzalo Gaviña from Portfolio Personal Inversiones.
It is expected that the parliamentary debate on the IMF issue will be against the clock given that Argentina faces a maturity of some 2,800 million dollars on March 22, which could be avoided if the agreement is approved.
In the informal segment, the blue dollar pierced the $210 for the first time in five weeksaccording to a survey carried out by Ámbito in the Foreign Exchange Black Market.
official dollar
The dollar today -without taxes- advanced 15 cents to $113.48 this Thursday, March 4, 2022, according to the average in the main banks of the financial system. In turn, the retail value of the currency at Banco Nación remained at $113.
The wholesale dollar, which is directly regulated by the BCRA, added 10 cents to $108.03.
The Central Bank (BCRA) maintained a positive streak by buying some US$25 million, which is added to the US$40 million on Wednesdaya fact that may encourage expectations of an incipient recovery of reserves in a scenario of less tension on the market due to the diffusion of the principle of agreement with the International Monetary Fund.
It should be remembered that The monetary authority sold more than US$270 million last week and accumulated a negative balance of some US$190 million in February. It was the fourth month in a row with a negative result.
Without the significant trading volume on Wednesday, today’s session presented a similar scenario, with the US currency operating very stabilized around the official regulation values set for today. Prices accommodated from the beginning in the fluctuation range guided by the Central Bank’s positions and remained almost unchanged until the close of operations.
Highs at $108.05 and lows at $108.03, marked the narrow range of prices on a day in which the supply of foreign exchange predominated again. Income from abroad comfortably supplied authorized purchase orders, also generating a surplus that was absorbed by official intervention. The purchases of the Central also served to defend a new price floor around the lows of the date, a value that was maintained until the close of operations.
In the first two days of this week, the wholesale exchange rate rose 58 cents and was one step away from reaching the full correction of last week.
The income of the agro-export sector once again collaborated with the official strategy, contributing foreign exchange that allowed the monetary authority to exhibit another round of net purchases due to its intervention in the foreign exchange market.
Source: Ambito
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