While, the MEP dollar -also valued with the Global 2030- falls 3.5% to $314.78, the spread stands at 142.6% against the official wholesale exchange rate. It happens after yesterday it registered an increase of such magnitude that it had not been recorded since Monday, July 4, the first day after the resignation of Martín Guzmán at the head of the Ministry of Economy, when the stock exchange rates rose about 10% .
Economy Minister Silvina Batakis led a new meeting of the economic cabinet on Thursday. There it was decided that the Central Bank (BCRA) will allow the sale of foreign currency in entities authorized to operate in the exchange market with the presentation of the identification documentation used to enter the country. Thus, foreign tourists will be able to sell up to US$5,000 at the financial exchange rate (MEP).
During the meeting, “actions were also decided to improve the conditions of access to the foreign exchange market for the payment of imports of inputs for strategic sectors and thus guarantee the continuity of different production processes.”
The economist Federico Glustein consulted by Ambit He assured that the changes in the liquidation of foreign currency for foreigners represents “an alarming level of ignorance of the situation. When they promoted the creation of accounts to quote MEP for tourists, not one was opened. Everything that requires bureaucracy, to the person entering the country does not add to it, does not use it, it generates conflict” and added: “Instead of simplifying, they make it more complex, contrary to what the exchange scenario requires”.
The Board of Directors of the Central Bank also decided this day to include the holding of Argentine Deposit Certificates (Cedears) in the availability limit of US$100,000 that companies that access the official foreign exchange market may have. The maximum amount allowed by this mechanism will be up to US$5,000.
The analyst Christian Buteler in dialogue with this medium indicated that “the measures must be seen how they are implemented. I do not see that they are measures that can contain the run.” In this way, from his point of view, he indicated that the MEP could be decompressed, but not the blue dollar. Likewise, he warned about the transfer to prices of the rise in the informal dollar.
“Our currency expresses its devaluation with each upward movement in the value of the dollar. Every time the price of the greenback rises, we are all a little poorer. The uncertainty and the lack of positive expectations are a perfect explosive cocktail that has managed to submerge us in an unbridled dollar,” said economist Manuel Adorni in an opinion column.
In turn, the BCRA sold just over US$50 million and accumulates a negative balance of US$340 million so far this week. Gross reserves, made up mostly of the volume of dollar deposits, broke through the $40 billion floor, after the trade surplus was lost in June. This situation worries the market, which also maintains that the increase in interest rates runs behind inflation, which travels to 125% annualized, in a context of high nominality.
Dolar blue
The The blue dollar rises $5 this Friday to $342, after reaching an intraday maximum of $350, according to a survey by Ámbito in the Black Market of Foreign Exchange. In this way, he accumulates an advance of $52 on the last four wheels.
The exchange rate gap with the wholesale official exchange rate is up to 163.5%, the highest level in 40 years.
Source: Ambito
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