In turn, the MEP dollar lost $6.68 (-2.2%) in the week up to $292.36, after breaking a five-day losing streak (up $1.89). Consequently, the spread with the official reached 90.1%.
Why the financial dollar fell in the week
“weights are missing”operators agree when it comes to attributing the causes of the drop in financial exchange rates. “We see that the monetary adjustment, via rate hikes and absorption with Leliqs and repos, is drying up the market and slowing down the demand for dollars”describe in the market.
It is worth noting that the Central Bank left the rate unchanged this week in the 75% annual nominal given the prospect of a slowdown in inflation (in September it was 6.2% vs. 7% in August).
“News of a slowdown in inflation in September combined with interest rates close to inflation seem to be weighing on financial dollars. Likewise, liquidity needs in December may also be a factor in favor of stable interest rates.” change as the end of the year approaches,” explained from Delphos Investment.
Although in the accumulated figure for October, the Mutual Funds industry (FCI) registers net bailouts in all types of FCI (money market, CER, dollar linked, T+1, etc.), in the last three rounds the net subscriptions to the money markets returned. In the same period, in turn, the surety also increased the volume traded and, consequently, already compressed yields.
In this sense, John Paul Albornozan economist at INVECQ, told Ámbito that “The pesos are going to rate non-indexed assets such as money markets, or guarantee against a possible lower expectation of devaluation in the very short term, thanks to a Central Bank that got air in terms of reserves for a few months thanks to the soybean dollar” . In any case, he warned that this measure has a cost “of a deterioration in equity” and, more importantly, it gave “a bad signal for the future supply of foreign exchange, opening the door to new sectoral exchange rate incentives when the outlook for reserves becomes more pressing.”
On the other hand, Albornoz attributes the exchange pax to a “Greater demand for pesos to pay taxes, such as the advance payment of Profits.”
Outside the local situation, in the market too link the decline of the CCL and MEP with the decline of the US currency in Brazil.
“Free dollars are down and are again quite far from the inflation accumulated in recent months. Since the end of 2020, inflation has been 152% and free dollars have grown between 74% (blue) and 110% (CCL)”, they limited from Aurum Valores.
Global Focus Investments analyst Mauro Cognetta warned that “For now, the issuance of $1.2 trillion has not had an effect for what was the soybean dollar in September, plus other monetary faucets from the BCRA to buy securities. With which, this at some point will have an impact on the dollar free”. “Today the theoretical reference price of the CCL is $345”estimated.
In the informal market, and unlike the trajectory of financial exchange rates, the blue dollar rose $1 in the week to $291according to a survey by Ámbito.
At the beginning of this week, the so-called Import System of the Argentine Republic (SIRA), which replaces the Comprehensive Import Monitoring System (SIMI), a mechanism by which the Government it seeks to restrict the sale of foreign currency, which, in the opinion of business chambers, may lead to insufficient supplies being obtained to produce.
official dollar
The dollar today -without taxes- advanced 30 cents this Friday to $160.57, according to the average that emerges from the banks of the local financial system. While, the dollar bill in Banco Nación closed stable at $159.50 – without taxes. During the week, the official dollar advanced $2.29 or 1.5%.
The dollar I save or solidarity dollar-which includes 30% of the COUNTRY tax and the 35% deductible of Income Tax and Personal Assets- earned 49 cents at $264.94. For the week it rose $3.78 or 1.5%.
The tourist dollar or card -retailer plus COUNTRY Tax, and a 45% deductible perception of Income Tax and Personal Assets for consumption with cards abroad of up to US$300 per month- it rose 53 cents to $281. During the week it increased $4.01 or 1.5%.
The new qatar dollar -which includes 30% of the COUNTRY tax, 45% deductible from Income Tax and Personal Assets, and a new perception of 25% to Personal Assets account- rose 60 cents to $321.14, about $30.14 above blue. achieved a increase of $4.58 or 1.5% in the week. It is worth noting that this exchange rate applies to Consumption abroad with debit and credit cards greater than US$300 per month.
The wholesale dollar, directly regulated by the BCRA, it rose 28 cents to $153.79. During the week it increased by $2.15 (+1.4%), below the $2.44 increase registered in the previous week.
Crypto Dollar, Friday October 21
The crypto dollar or Bitcoin dollar yields 0.1% to $299.05, based on the average among local exchanges reported by Coinmonitor.
Source: Ambito
David William is a talented author who has made a name for himself in the world of writing. He is a professional author who writes on a wide range of topics, from general interest to opinion news. David is currently working as a writer at 24 hours worlds where he brings his unique perspective and in-depth research to his articles, making them both informative and engaging.
