In turn, the MEP dollar fell $1.38 (-0.5%) to $292.28. Consequently, the spread with the official reached 88.1%.
For its part, the parallel dollar fell $1 (+0.3%) and closed at $292, according to the Ámbito survey on the Foreign Exchange Black Market. Thus, the exchange rate gap with the official wholesale dollar stood at 87.9%.
High inflation -which reached 6.2% in September and is projected to be above 100% for this year-, a high fiscal deficit, exchange rate pressures due to hedging and scarce reserves in the BCRA are points that are currently worrying investors.
A Moody’s report noted that restrictions on companies’ access to foreign currency debt reflect the BCRA’s need to increase its very low reserves and comply with the requirements of the International Monetary Fund (IMF), which among other measures establishes a reserve accumulation goal of 5.8 billion dollars this year.
Deputies approved the 2023 Budget at dawn on Wednesday, but two articles highly criticized by the opposition were excluded from the project: the tax on Profits to the Judiciary and the clause that allows the Executive to modify the rights to exports.
For his part, the risk country measured by the JP.Morgan resumed the upward path and ended at 2,568 basis points.
During September, the BCRA took about 5,000 million dollars from the wholesale market thanks to the validity of a special exchange rate for soybean exporters. “Devaluation expectations are receding, but the exchange rate risk is still present. The devaluation scenarios have not yet completely dissipated. The Government has four very hard months ahead of it in exchange matters,” they said from Cohen.
Source: Ambito
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