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Wednesday, December 7, 2022

Financial dollar extended bullish streak: the MEP hit a 6-week high

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In turn, the MEP dollar posted its fifth rise in a row, climbing $2.13 (+0.7%) to $299.84, its highest value in six weeks. Consequently, the spread with the official reaches 85.3%.

In the parallel market, for its part, the blue dollar rose $1 (+0.7%) to $294, its highest in almost three months. Thus, the gap with the official reached 81.7%.

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Investors’ doubts about the performance of the economy in the last part of the year were reflected at the beginning of the week in the rise of all parallel exchange rates.

The weakened reserves of the Central Bank (BCRA), at a time of lower agricultural exports, a persistent inflationary escalation and low adherence to a recent local debt swap, are issues that worry investors.

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“The BCRA continues to fail to speed up purchases (of foreign currency), and thus concerns grow about the chances of meeting the IMF’s reserve accumulation goal,” They discussed at the tables.

The monetary authority parted with another US$100 million this Monday and accumulated sales of some US$863 million in November, despite strict exchange controls that should stop the flight of foreign currency. Operators said that this adverse streak, the worst in at least the last 26 months, should force a change in the conservative strategy of the authorities.

“The net reserves, measured with the criteria of the IMF, are in the order of 4,800 million dollars. It is little, that is why the Government has urgency in terms of dollars and is prioritizing these urgencies instead of a solution real to the problem”, pointed out the economist Fausto Spotorno.

“The little private participation in last week’s debt swap in pesos shows the doubts the market has. This covers not only the large number of maturities in 2023 but also what the next government can do,” said Fundcorp’s Roberto Geretto. “Debt in pesos and reserves (of the BCRA) are the two urgencies that the economy has because they are potentially destabilizing if the dynamics worsen,” he said.

The head of the monetary authority, Miguel Pesce said in radio statements that “We had inquiries in recent times from companies that ask us to use the yuan, not to use other currencies. President Alberto Fernández is going to work on this with Xi Xinping, that these Chinese investments have guarantees, they can be made in yuan, where the swap of currencies have an important role”.

The president, Alberto Fernández, and the Minister of Economy, Sergio Massa, are in Bali to participate in the annual meeting of the G20.

“With the increasingly strong exchange rate tension and with inflation without signs of moderation, investors take refuge in short-term instruments and continue loading debt maturities in pesos to the electoral transition”said Cohen Financial Allies. “Until the end of 2023, we will have to face maturities with private companies for almost 9 trillion pesos, double that of this year”he claimed.

“We estimate that, if agriculture liquidated 8 million tons of soybeans from the 12/13 that it has saved, the BCRA could buy 2,700 million dollars, which would demand a monetary issue for 1% of GDP,” said Portfolio Personal Inversiones -PPI -. Operators do not rule out the implementation of new incentives to attract the liquidation of agriculture.

“The biggest driver of the week will surely be the inflation data for October,” they indicated from PPI and pointed out that “logically, the results presentations will continue to be the biggest driver for individual papers.”

Savings dollar price, Monday, November 14

The dollar savings or solidarity dollar-which includes 30% of the tax COUNTRY and 35% deductible of Income and Personal Property Tax- earned $1.40 at $278.22.

Price of the tourist dollar, Monday, November 14

The tourist dollar or card -retailer plus COUNTRY Tax, and a perception of 45% deductible from Income Tax and Personal Assets for consumption with cards abroad of up to US$300 per month- increased $1.49 to $295.09.

Qatar dollar price, Monday, November 14

The new qatar dollar -which includes 30% of the COUNTRY tax, 45% deductible from Income Tax and Personal Property TaxY a new perception of 25% to Personal Assets account- went up $1.70 to $337.24.

It is worth noting that this exchange rate applies to Consumption abroad with debit and credit cards over US$300 per month.

Price of the wholesale dollar, Monday, November 14

The wholesale dollar, that directly regulates the BCRA, he earned $1.08 to reach $161.78. The volume operated in the dollar wholesale segment was US$323.985 million.

Price of the CCL dollar, Monday, November 14

The Dollar Cash with Settlement (CCL) trades at $310.19 for sale. The gap with the official wholesale exchange rate reaches 92.9% at the opening of the week.

MEP dollar price, Monday, November 14

For his part, he MEP dollar achieves the $299.81. The spread with the official reaches 86.5%.

Price of the crypto dollar, Monday, November 14

The crypto dollar or Bitcoin dollar rises 1.1% and trades at $299.08 based on the average among local exchanges reported by Coinmonitor.

Source: Ambito

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