The parallel dollar increased $1 this Friday to $338, a new nominal record at the close, after trading above $340 for most of the day.
In this way, accumulated a fierce advance of 15.4% throughout a frenetic week and very high exchange speculation.
All in all, the gap with the wholesale official exchange rate stands at 160.5%, the highest in 40 years.
Thursday Government tried to calm the escalation with a couple of announcements. The Central Bank announced that it will facilitate the liquidation of foreign currency from foreign tourists, who will be able to sell up to $5,000 at the financial exchange rate (MEP)and arranged to improve the conditions of access to the foreign exchange market for the payment of imports of inputs for “strategic sectors”.
In addition, on Thursday, it limited the holding of CEDEAR (foreign securities quoted in pesos) to companies that access the foreign exchange market, which seemed to stop, at least this Friday, the upward inertia of financial exchange rates, which fell to 3.2%.
“The limitations of the BCRA are seen in the market since they kept the price stabilized (in the alternative markets). But that is only a patch and it does not last”, said a stock trader.
The pressure on the exchange rate has been maintained since there was a liquidation of the doubt in pesos tied to the CER, at the beginning of June, it continued when the BCRA tightened the exchange rate clamp on companies, at the end of last month, and it accelerated after the resignation of the then Minister of Economy, Martin Guzman, in early July.
The arrival of Silvina Batakis to take its place, and the announcement of a series of measures aimed at reducing the high fiscal deficit have so far failed to calm the tension over parallel exchange rates.
Regarding the financial market, the CCL dollar jumped 8.3% in the week, after fall 1% on Friday to $326.47, which led to the exchange rate gap with the wholesale rate to stand at 148.4%. During the session on Thursday, the so-called “cable dollar” touched $340.
While, The MEP dollar -also valued with the Global 2030- fell 3.2% on Friday to $315.50, while the spread stood at 143.2% against the official wholesale exchange rate.
In a week of high exchange rate tension, the CCL dollar ended with an increase of $24.98, while the MEP rose $23.1. The biggest rise was recorded on Thursday when the cash with liqui flew $21 and the stock dollar, $22.6. It was the biggest rise since Monday, July 4, the day after Guzmán resigned as head of the Ministry of Economy, when stock exchange rates rose nearly 10%.
Although the Central Bank cut a 4-day sales streak on Friday (it ended with a positive balance of US$45 million) accumulated a negative balance of almost US$300 million in the week. In the month, Official losses now exceed US$920 million and continue to be the most important so far this year.
On Friday, according to official sources, a greater liquidation of foreign exchange was noted for part of the year. Likewise, the effects of the new provisions of the BCRA that restricted access to the foreign exchange market, conditioned the operation, counted at the tables.
All in all, the wholesale dollar, which is directly regulated by the BCRA, accumulated a rise of $1.49 between Monday and Friday, surpassing the correction of the previous week. ANDhe wholesale exchange rate closed at $129.74.
Source: Ambito
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