“Without significantly highlighting the amount negotiated by the agro-export complex and with an end scheduled for the 31st of this month of the incentives for the income of the producers, Questions arise about the evolution of the reserve recovery process as a core objective for the Central Bank in the short term, which has not yet achieved significant results in this regard“, warned Gustavo Quintanaoperator of PR Corredores de Cambio.
how much is the dollar worth
In this context, the dollar today -without taxes- advances to $144.64, according to the average in the main entities of the financial systemwhile at Banco Nación the ticket is sold at $144.
In the parallel market, on the other hand, the blue dollar fell $1 to $292, according to a survey by Ámbito in caves in the city of Buenos Aires. In that sense, the gap reached 112%.
exchange rate
Meanwhile, the government is considering applying for an IMF loan under its new Resilience and Sustainability Fund (RSF), designed to help countries ensure sustainable growth, a source with direct knowledge of the matter told Reuters. This could cause calm on the foreign exchange front.
In addition, there were news. As Ámbito anticipated last July, users who have opted to maintain the subsidies on gas and electricity rates will not be able to buy the US$200 corresponding to the dollar saving. Thus, the exchange rate was reinforced, although a relaxation is being prepared: the BCRA would release the purchase for those who received ATP during the pandemic.
What’s going to happen with the dollar
What do economists think about what could happen to the dollar? For Guido Lorenzo, from the LCG consultancy, “there is a calm that seems to me to respond mainly to what are several consecutive days of the Central Bank without losing reserves. We were reaching a limit of net reserves, drilling a value of one thousand million (…) After having 10 wheels where you don’t lose currency, one thinks that there is some hope that there are still no measures to be taken that could destabilize the rest of the market or that could generate some kind of social discontent, basically accommodating the exchange rate at a new level”.
“It seems to me that getting rid of those ghosts of a devaluation began to have positive effects in what were these last few days. The question is if this is something permanent or if one can think that one can live like this for the rest of the year or until March next year, which is when the harvest begins again and that is when the Argentine trade balance begins to have a favorable balance,” he said in dialogue with FM Milenium. He anticipated that “exchange tensions may return at some point” and that would lead to a new increase in the dollar.
According to Lorenzo, “the idea of splitting is on the table again, mainly with the incorporation of Gabriel Rubinstein, who had been in favor of this type of policy. You have to think about what kind of split. If it is a split between the commercial dollar and The financial dollar is the one that already exists in reality. The one that we already live in de facto”.
“Thinking about this type of splitting does not solve the problem. Thinking about a splitting more like the one that the government is advancing, which are different commercial dollars, one for the importer and the other for the exporter, that is more complicated coming from an agreement with the Monetary Fund, because they are tariff measures disguised as exchange policy. They seek to distort international trade and that is prohibited within what is article 4 of the Monetary Fund. It would even conflict with the World Trade Organization,” he said.
And I conclude: “I think that the unfolding of that type would not be an option. Obviously devaluing that they are going to avoid it at all costs, but the logical question there is if they succeed. Seeing that the dynamics are still not there to think that the possibility is far away If I had to adjust the exchange rate, I would say that I would not rule it out as a probable alternative for this year”.
For, Sebastián Galiani, former Vice Minister of Economy, considered that the present “is a calm that has a transitory balance (…) There was a strong rise in the interest rate. If inflation shoots up, the rate becomes more negative and people don’t want to stay in pesos and switch to dollars (…) It was one of the reasons why the foreign exchange market calmed down.”
And he added: “A Minister arrived who announced that he was going to make certain fiscal adjustments, which are important because if future money issuance is not made, it will put the money market out of balance again and will put pressure on the dollar.”
Andrés Borenstein, an economist at Econviews, considered that the dollar issue “is not resolved, because it is not easy to resolve.”
“The dollar is being revalued in the world, that is to say that the Argentine peso continues to appreciate,” he warned when speaking of the exchange delay. Likewise, he maintained that “for the commercial dollar, the countryside is not interested in selling and that is a problem.”
Savings dollar price, Friday, August 26
The savings dollar or solidarity dollar-which includes 30% of the COUNTRY tax and the deductible 35% of Income and Personal Property Tax- rose 25 cents to $238.80, $54 below blue.
Price of the tourist dollarFriday, August 26
The tourist dollar or card -retailer plus COUNTRY Tax, and a perception of 45% deductible from Income Tax and Personal Assets- earned 26 cents $253.28.
Wholesale dollar price, Friday, August 26
The wholesale dollar which directly regulates the BCRA, increased this Friday 30 cents up to $137.70.
Price of the CCL dollar, Friday, August 26
In the bag, the dollar Cash with Settlement (CCL) -operated with the Global 2030- falls $7.46 to $288.50. Meanwhile, the gap with the official falls to 109.5%.
Price of the MEP dollar, Friday, August 26
On the other hand the MEP dollar -also valued with the Global 2030- down $2.36 to $284.24so the gap with the official stands at 106.4%.
Blue dollar quote, Friday, August 26
The blue dollar closed at $292according to a field survey in the Black Market of Currencies. Thus, the gap with the official dollar stands at 110%.
Crypto dollar price, Friday, August 26
The crypto dollar or Bitcoin dollar is trading at $291.15, based on the average among local exchanges reported by Coinmonitor.
Source: Ambito
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