In the same vein, the dollar MEP -also valued with the Global 2030 bond- advanced 1.4%which brings the spread with the official to 79.75%.
Last week, the CCL showed an increase of $5.47 (2.9%) and the MEP showed an increase of $7.76 (4.1%). This occurred in a week in which it was known that inflation accelerated to 4.7% per month in February, its highest mark in 11 months.
“After breaking $200, financial dollars have been seeking to test a ‘floor’ in the face of the ‘combo’ of greater demand after the significant accumulated contraction of the order of 20% from the maximum, an inflation that is pressing in the background from the nominality and the still high appetite for rebalancing towards CER instruments,” said economist Gustavo Ber.
The stock exchange rates had just collapsed more than $10 in the previous week due to several factors, such as the acceleration in the official devaluation rate, the BCRA rate hike and the appreciation of the real in Brazil, all within the framework the agreement with the International Monetary Fund (IMF), which helped calm expectations.
“Only the review of the agreement by the IMF board remains. The agency’s board of directors meets this Friday, March 25, and the IMF delayed the payment of March 21 and 22 before March 31, preventing Argentina from entering into arrears. Meanwhile, external weather this morning isn’t helping EMs with US10Y jumping +8bps and globals showing reds between -0.2/-0.4% on external screens.
On Friday, the memorandum with the IMF was approved by the Senate and became law. With the issue of the Fund closed, the Government will focus its greatest efforts on trying to reduce high inflation. President Alberto Fernández plans to announce a series of measures in this regard this afternoon.
Dollar
The The exchange rate that is directly regulated by the Central Bank climbed 27 cents to $109.97. Last week, it accumulated an advance of 82 cents (0.8%), the highest in percentage terms since the last week of February 2021.
The entity led by Miguel Pesce got rid of another US$49 million, thus adding its third round with a negative balance, after cutting a streak of 11 rounds without selling foreign currency. Since Thursday, he has accumulated sales of $100 million.
Last week, the Central Bank (BCRA) validated the highest rate of devaluation since February 2021, in the midst of a surprising inflationary jump that puts pressure on exchange competitiveness. In this framework, the monetary authority registered a positive result of US$44 million.
Ber pointed out that “while waiting for the new rate hike by the BCRA and increases in withholdings, the balance of the interventions after the sales of the last wheels is monitored, since it would be about to enter the stage season of greater liquidation of exports”.
The dollar today -without taxes- rose 42 cents to $115.35, according to the average in the main banks of the financial system. In turn, the retail value of the currency at Banco Nación ended stable at $114.75.
In the informal segment, the blue dollar is trading lower and records its first drop in 5 days, according to a survey of Ámbito in the Black Market of Currencies.
The informal dollar falls $1 to $202 for sale, after starting the day higher when it reached $203. Regarding Friday’s close, the low is 50 cents. Thus, the gap with the official dollar stands at 83.4%.
Last week, the parallel dollar posted an increase of 50 cents, the second in a row. So far in March, the parallel dollar exhibits a decline of $9 after ending last month at $211.
Source: Ambito
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