At par, the MEP dollar -also valued with the Global 2030- fell $0.16 (-0.1%) to $278.94, so the gap against the official exchange rate reached up to 108.8%. In the week that passed, the stock dollar recorded a rise of $2.08 (+0.8%).
For its part, the blue dollar lost $1 (-0.3%) to $292, according to a survey carried out by Ámbito in the Foreign Exchange Black Market, with which the gap in front of the wholesale market approached 118.6%. In the past week, the parallel dollar showed a retracement of $3 (-1%).
Financial exchange rates fall after Massa promised last week to lower the fiscal deficit, strengthen the scarce reserves of the Central Bank (BCRA), reduce the rate of inflation and give a greater boost to trade.
On Sunday, she was appointed Flavia Royon in the area of Energy, where the multimillion-dollar subsidies that have caused significant financial imbalances are defined.
“Massa’s speech and first measures seem to be oriented in the right direction, but it seems very difficult that they can change the current situation”, gave Roberto Geretto of Fundcorp.
A BCRA survey revealed that analysts expect a inflation of 90.2% for this year and an exchange rate of 167.16 pesos per dollar at the end of December.
“Expectations, which had increased significantly in the prelude, quickly deflated in the face of the announcement of measures that were perceived as superficial and that do not attack the underlying problems”estimated Portfolio Personal Investments -PPI-.
A hopeful jump in prices, which should be validated by the new economic and political regulations. It is advisable to closely monitor the development of events”said VatNet Financial Research.
In the framework of recent announcements, On Tuesday, the Ministry of Economy will carry out a conversion operation of its LECER, LEPASE, LEDES and BONCER instruments for a DUAL bond in order to postpone maturities.
“Tomorrow will be Massa’s first big test”said PPI and estimated that “the key will be genuine demand from the private sector” since many are in portfolios of public bodies.
official dollar market
In that context, the wholesale dollar appreciated a controlled 0.5%, to $133.57, in a place with liquidity controlled by the BCRA at times of important payments for energy expenses.
The monetary entity had to get rid of some 700 million dollars of its meager reserves last week to meet private demand and fuel and energy costs, operators estimated.
“At this rate, in around 15 days the net reserves would already be zero, implying greater pressures on the exchange rate, where net liquid reserves have been negative for a long time. In this scenario, devaluing without a plan and without reserves would constitute the worst result”Geretto pointed out.
Source: Ambito
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