A partial holiday in the US for the celebration of “Thanksgiving Day” limits the operation of the local market.
Operators speculate on the reinstatement of a special exchange rate for soybean producers, a measure that was already established in September and which allowed almost 8,000 million dollars to enter, of which around 5,000 million remained for BCRA reserves.
“The Government hopes that the BCRA can get between 3,000 and 4,000 additional million dollars with this measure and thus be able to meet the IMF reserve goal,” said the StoneX brokerage.
The Minister of Economy, Sergio Massa, called for this afternoon the grain, poultry and dairy export sectors, without giving details of the meeting. “The government estimates that there are still more than 11 million tons of soybeans to be settled, which implies a potential supply of 6,000 million dollars”said clearing and settlement broker Cohen.
Analysts estimate that with the implementation of the “soybean dollar” the Government ensures compliance with the goal of increasing reserves agreed with the International Monetary Fund (IMF).
The IMF must approve the objectives set for the third quarter of 2002, after which a disbursement of fresh funds would be enabled.
“The new value of the soybean dollar would be equivalent in real terms to the 200 pesos of the first edition of the program”said Portfolio Personal Inversiones and noted that “in practice, soybeans would receive a dollar of 154-161 pesos from one of 111 pesos. That is, they would have an immediate improvement of 39-45% or 43-50 pesos per ton sold.” .
The monetary entity has accumulated a negative balance so far in November in its daily intervention for some 960 million dollars, despite the fact that in the last sessions it concluded with a slight taker position on dollars.
“Portfolio dollarization continues to put pressure on the market because there are many pesos in the market and nobody wants to remain liquid in pesos,” said an operator.
Bonds and country risk
In the fixed income segment, sovereign bonds in dollars they operate with falls of up to 4.4%, led by the Global 2041. Behind it appears the Bonar 2035, with a decrease of 1.9%.
Meanwhile, the Argentine country risk measured by the JP Morgan bank it rose two units to 2,407 basis points.
Source: Ambito
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