While, The MEP or Stock Exchange -also valued with the Global 2030- advanced in the same proportion to finish the wheel at $195.24for which the exchange rate gap increased to 71.3%.
In this way, the prices of the “green ticket” on the Stock Exchange climbed around $5 (more than 2.5%) between Tuesday and Wednesday. In the same period, the blue dollar rose about $4.50 (2.3%).
After collapsing more than $40 since the principle of understanding with the International Monetary Fund (IMF) was announced at the end of January, a rebound in values was expected taking into account the sharp falls in prices in recent weeks, in moments in which the inflation of the first quarter was the highest since 1991, which puts pressure on the foreign exchange competitiveness.
In this context, The Government announced on Monday a bonus of $18,000 for informal workers, private homes, and monotax workers, and another of $12,000 for retirees (which is added to the previous bonus of $6,000), with the aim of cushioning the impact of the jump in inflation on income.
The financing of said monetary aid could be given through indebtedness in pesos with the market, or through a tax on “unexpected income” as the Minister of Economy, Martín Guzmán, intends.
This Wednesday, the official insisted before G20 officials on the need to redistribute the extraordinary profits that some sectors had as a result of the effects of the war between Russia and Ukraine.
However, if it fails to raise funds through these two channels, the Treasury should resort to a greater monetary issue from the BCRA, putting in check the goals agreed with the IMF and putting pressure on key macroeconomic variables such as the dollar and inflation.
“The financing channel for this is doubtful, because nobody has much idea about this new tax on ‘unexpected income’, so it is most likely that it will end up being financed with more issuance, something that will hit you in inflation (such as happened this summer with the issuance of the “platita plan” of 2021) and something in the exchange rate since more pesos would put pressure on the gap and this on the reserves of the Central Bank,” the Empiria economist told Ámbito, Juan Ignacio Paolicchi.
official dollar
In the official segment, the wholesale dollar rose 18 cents to $113.96. In this way, the price threatens to exceed the weekly adjustment of last week, ratifying the greater devaluation validated by the BCRA.
The monetary authority had to sell more than US$35 million, after two days with positive balances. Thus, it reduced its net purchases to about $130 million in the month. In the year, it adds up to about US$80 million.
“The authorized demand was much more active today, dominating the development of operations and forcing the Central Bank to intervene with sales in the market to meet the lack of foreign currency. The accumulated figure for the month fell and once again casts doubt on the possibility of that at the end of April the intervention balance improves the results of the previous month”, warned Gustavo Quintanafrom PR Exchange Brokers.
Meanwhile, the retail dollar – without taxes – rose 13 cents to $119.16, according to the average in the main banks of the financial system. In turn, the retail value of the ticket in the Banco Nación increased 25 cents to $119.
The Solidarity Dollar -which includes 30% of the PAÍS tax and 35% deductible of profits- rose 21 cents to $196.61 on average, a day after being overtaken by the blue.
Dolar blue
The Dolar blue went back up on Wednesday and hit a more than two-week high, after jumping $3 the day before, according to a survey of Ámbito in the Black Market of Currencies.
The parallel dollar increased $1.50 during the day and closed at $199.50, with which it was consolidated as the most expensive on the market, after surpassing the saving dollar on Tuesday.
In this way, the exchange rate gap with the wholesale price increased to 75.1%.
Source: Ambito
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