Conversely, the MEP dollar or “regulated” stock market rises 0.9% to $ 177.96, which leaves a spread with the wholesaler of 79.6%.
The stock market dollars went through a week that the CNV limited the amount of nominal local law bonds that can be sold weekly to 50 thousand; while it provided that in case of operating the AL30 in pesos, the most liquid bond, (And on the screen), it will not be possible to sell against MEP or transfer them for a period of 30 days, thus trying to cut financial arbitrations (or curls in the jargon). From the market).
The economist Sergio Chouza considered in dialogue with this medium that the measures adopted by the Government are “necessary” because it is a segment of the financial dollar that sets a reference especially for large companies and services, which use this channel to dollarize to coverage and then they end up transferring the increase in that quotation to prices. “
For Chouza, the limit of 50,000 nominal weekly for the sale of negotiable securities denominated in dollars and issued under local law with settlement in foreign currency will allow these companies to have a good level of dollarization, significant for companies that use the bond market as a kind of exchange house. “
From the consulting firm Equilibra, they stated that these measures allow “to ‘gain time’ and protect the reserves while waiting for the fine harvest that begins in December: in the very short term they will reduce the volumes operated in the ‘intervened’ segments and the loss of But the market always finds new arbitrage opportunities, creating a higher gap. “
They added: “on the first day of these measures, the BCRA was able to buy US $ 100 million in the official market due to the lower demand from importers. However, we expect the trade balance to go through the box for the remainder of the year it continues to be below the accrual rate, due to the dynamics of exports. “
BCRA ended again with a positive balance
On Thursday, the last round before the holidays, the Central Bank bought US $ 70 million, with which it accumulated a positive balance of US $ 170 between Thursday and this Friday, since the entry into experience of the new controls, in a day where The market maintained a business level of US $ 350 million, above the average for the month (US $ 280 million) and for the year (US $ 220 million), marking operations within normal parameters.
For analyst Gustavo Quintana, “the latest restrictions imposed on market access renewed the favorable scenario for official regulation, allowing the monetary authority to obtain a new balance in favor of its intervention for the second consecutive round in the month.”
Thus, in October the BCRA reduced the net sale to less than US $ 50 million. In October 2020, more than $ 380 million had been sold in five days.
The BCRA managed to end the last two days with a strong buyer balance, after modifying the mechanism by which advance payments are made for some imports. This is a limit to the advance of purchases abroad that had been demanding a growing number of reserves given the expansion of the gap and the expectations of devaluation in the market.
“The measure will be in force until October 31 and seeks to balance payments with goods entered the country,” said a BCRA statement. During this month, advance payments for imports must be made from the dispatch of the goods. “It only applies in cases where imports are being made for a higher value than has been entered, so it affects 13% of them,” emphasized the entity chaired by Miguel Pesce.
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