Meanwhile, the MEP dollar -also valued with the Global 2030- it advanced 0.6% to 243.07 but was close to $249. Consequently, the spread with the official exchange rate reached 94.61%.
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.
“In general, there is a bit of nervousness in the market with what is happening with the peso market. So they are seeing how today’s auction turns out. There were a lot of people dollarizing and now in the last minutes there is a big player, I suppose it is the BCRA, which is intervening in dollar bonds and they have managed to lower the CCL dollar from $254 to $245“, said the analyst Rafael Di Giorno.
Scope I consult BCRA sources and they denied intervention of the monetary authority in the CC dollarL, when selling bonds in dollars against pesos.
For its part, Juan Pablo Albornoz, economist at Ecolatinaassured that “the CCL loosened a bit at the end of the wheel thanks to a very sharp rally in dollar bonds with plenty of volume” but that “there is a large amount of pesos that are being channeled into financial dollars for disarmament in FCIs and for the intervention of the BCRA in the market and also with the liquidity line for common funds.”
“This does nothing more than give way to those who have a position in Treasury bonds. Those pesos ultimately have three main destinations: money market, to the real economy to advance consumption due to the expectation of lower future supply as a result of the existing restrictions and to dollars“, large.
To its turn, the analyst Santiago Llullexplained that “the financial dollars are simply to be able to dollarize all the pesos that are held and that is what is happening as a result of the measures, the tightening of the trap and the impossibility of obtaining dollars from companies and people“, and he thought that “the dollar should be going down because we are very close to paying the Christmas bonus”, due to the sale of foreign currency by companies. “The rise in the dollar is related to the rise in inflation. It is worrying because it is transferred to prices but it is not an unreasonable movement, “he expanded.
Regarding the volatility of the rise in the price of the financial dollar, which finally shortened the rise towards the end of the day, Llull said: “Bonds rebounded from the floor of the LA30 from 19.60 and are now at 20.92 . These bonds that are used for the financial dollar finished higher. That which shrinks the MEP and the CCL. Today’s bond numbers were worrying. Now finish with raises above 3%.”
The financial adviser Mauro Cognettaalso in dialogue with this medium, assured that “the escalation that free dollars are tending could be seen coming. The dollar is behind, everyone, the official dollar is losing against inflation. The free dollar even more (CCL, MEP and blue)“, in fact, he opined that “with all the turbulence that there is in all the variables, the CER curve, the dollar-linked dollar, even so we feel more comfortable positioning ourselves in the free dollars. It was the most backward variable.”
“Everything that is hedged against inflation has its volatility”expressed his opinion in his analysis of the stock markets at this time and the escalation of financial dollars, assured that one of the explanations is “The data on imports and exports that set off some alarms for the government when imports reached almost US$8,000 million and net reserves are US$3,000 million, therefore, the numbers do not close“.
From his point of view, the ‘crawling peg’ was sped up a bit. “As a last resort, the government is going to make a discreet leap even though they don’t want to use it,” he said, continuing to analyze the variables that influence exchange rates: “Implicit rates jumped tremendously. In January they were at 50%, a month ago 60% and now at 75%. The coverage demand market”.
“Another fact is that yesterday Citrusvil, produces lemons, placed ON for US$6,300,000 at a rate of 0%. I know “borrow free in dollars”“investors want to be positioned in something that covers the official exchange rate. And he explained the evolution of this exchange rate: “At constant prices the CCL dollar in October was $180, at constant prices it is equivalent to $400, it is not a prediction It is a numerical calculation only.
Finally, the financial analyst assured that “what we are observing is that despite the internal noise the free dollar came moving with the brazilian real. Globally, the dollar is appreciating as a result of interest rates. This correlates with depreciations of emerging currencies and the one that impacts us the most is the real. From 4.60 it went to 5.20″.
official dollar
Source: Ambito
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