Meanwhile, the MEP dollar -also valued with the Global 2030- advanced $7.95 (+3.3%) to $248.04. Consequently, the spread with the official exchange rate reaches 98.06%.
The Central Bank This Monday restricted access to foreign currency for luxury goods such as luxury cars and airplanes, while expanding access to foreign currency for small and medium-sized companies up to 115% of the value imported in 2021, from a limit of 105% previously established, up to a maximum of $1 million. Secondly, extended the import financing system to the system used for purchases with non-automatic licenses.
“The logic of this is to define a prioritization of the use of foreign currency that allows strengthening the capacity to accumulate reserves,” said the Minister of Economy, Martín Guzmán, in an interview with Radio con Vos. “Those who have the most credit are the SMEs (small and medium-sized companies) that are in a situation of easier access,” he added.
Argentina, which has had capital controls since 2019 to protect the scarce reserves of the central bank, registered an increase in its imports of 53.1% in May while exports grew 20.7%.
“Whenever there are exchange controls (…), there is an exchange rate gap. When there is an exchange rate gap, managing foreign trade is very important,” the official said. Especially energy imports were the ones that generated the increase in the demand for foreign exchange, after the rise in prices generated by the war in Ukraine.
“The Board of Directors of the Central Bank adapted the foreign trade payment system, to respond to the extraordinary needs of foreign currency to meet energy imports, in order to sustain economic growth and the development of SMEs, avoiding speculative maneuvers on imports. “, the monetary authority said in a statement.
In the first five months of the year, energy imports grew 205% compared to the same period in 2021, totaling 4.64 billion dollars, Guzmán explained.
“Therein lies the issue, that is the significant volume of increased imports,” he said, highlighting the government’s initiative to build a major gas pipeline from the Vaca Muerta unconventional hydrocarbon formation to increase local gas production.
“We are going to have the possibility of not importing more gas when we have the gas pipeline finished,” he added.
official dollar
The dollar today -without taxes- rose 92 cents this Monday to $130.07 for saleaccording to the average in the main entities of the financial system, while at the Banco Nación the ticket rose $1 to $129.75 for sale.
Consequently, the savings dollar or solidarity dollar -which includes 30% of the COUNTRY tax and the 35% deductible of Earnings- climbed $1.42 to $214.50 on average.
At the same time, the wholesale dollar, which is directly regulated by the BCRA, rose 47 cents to $124.71after having registered the highest weekly rise since the penultimate week of last April.
As in every beginning of the week, the wholesale exchange rate is adjusted today, compensating for the days without activity for the weekend.
Due to the implementation of the new restrictions to access the foreign exchange market, the demand was diluted until the operating systems fall under the provisions with immediate effect, except for the one destined to the payment of energy imports.
As a reaction to the measure of the BCRA, the parallel dollar climbs another $6 and reaches $238. In this way, the exchange rate gap with the wholesale official exchange rate stands at 89%, which represents the highest level in three and a half months.
Source: Ambito
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