For its part, the MEP -also valued with the Global 2030- sank 0.9% this day to $206.52. Therefore, the spread with the wholesaler directly regulated by the BCRA fell to 76.9%.
It is worth remembering that the US Federal Reserve has just raised its reference rate by half a percentage point, the highest increase in 22 years, while the strict quarantines in Shanghai fueled doubts about the sustainability of the economic recovery. In this context, investors have been seeing little appetite for risk, and a greater search for coverage in “safe” assets such as the US dollar.
At the local level, the consultants and financial entities that participated in the recently published Survey of Market Expectations (REM) raised their inflation projection to 65.1% for 2022, 5.9 percentage points more than what they forecast the previous month.
This month the International Monetary Fund (IMF) will carry out this month the first review of the recent agreement reached with the country for some US$44,000 million by which the Government promised to increase BCRA reserves, reduce inflation and the deficit budget, raise interest rates and cut energy subsidies.
Amid strong political tensions between President Alberto Fernández and his deputy Cristina Fernández over economic policies, Economy Minister Martín Guzmán said on Monday that “there are no cases of successful countries” that have sustained spending on subsidies of three or four points of GDP, or a fiscal deficit financed with a currency in permanent loss of value due to inflation.
In parallel, the Minister of Productive Development, Matías Kulfas, argued that inflation is not a problem of oligopolies or monopolies, but a problem that has to do with “the macro, fiscal, monetary and exchange policy.”
official dollar
The wholesale dollar, which is directly regulated by the BCRA, rose 45 cents to $116.75. In this way, the correction compensated, as at the beginning of the week, the days without activity for the weekend, without this importing a change in the strategy of updating prices in the local market.
The currency traded in a selling trend due to the superiority exhibited by genuine supply throughout the day. The prices remained anchored around the official regulation values and did not deviate from it throughout the day. The entity led by Miguel Ángel Pesce managed to finish its intervention in the official foreign exchange market with a positive balance of US$110 million.
“The monetary authority once again exhibited a good result due to its intervention today, accumulating during May some US$630 million of net purchases that have brought the annual total now to some US$740 million of positive balance due to its exchange regulation. The excellent behavior of the agro-export complex, which last week totaled revenues of some US$1,191 million, has become the contributing factor so that the process of accumulation of reserves has intensified since the beginning of May, something that the market expected with some expectation,” explained Gustavo Quintana, from PR Corredores de Cambio.
The retail dollar -without taxes- rose 19 cents this Monday, May 9, to $122.16 for saleaccording to the average in the main banks of the financial system, while en Banco Nación the note was kept at $121.75 for sale.
Consequently, the savings dollar or solidarity dollar -which includes 30% of the PAÍS tax and the 35% deductible of profits- rose 31 cents to $201.56 on average.
On a volatile day, the The blue dollar erased the initial low and rebounded this Monday, May 9, to close at the same levels as the solidarity dollar for the second consecutive day, according to a survey by Ámbito in the Foreign Exchange Black Market..
The Casual Dollar up 50 cents to $201.50, after trading at the beginning of the day at $200.50. Thus, it was located at the same levels as the solidarity dollar.
All in all, the gap with the official wholesale dollar stood at 72.6%, the lowest level in 15 days.
Source: Ambito
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