In addition, the MEP dollar or “regulated” stock market also rose 0.2% (33 cents) to $ 176.78, which left a spread with the wholesaler of 78.4%, the highest level since November 27 of last year. It happened in a round in which the monetary authority bought $ 100 million in the official wholesale segment.
“The BCRA continues to take advantage of the latest measures to resume foreign currency purchases in order to stop the drain of reserves that had been suffering. Even so, The true test on the effectiveness of the new restrictions on financial dollars may only be evaluated as stockbrokers resume their operations with greater fluidity, since there is still a high appetite for hedging fueled by the delicate exchange rate balance and risk. of a growing mountain of pesos“, highlighted the economist Gustavo Ber.
From PPI they pointed out that “when considering that the estimated average daily intervention in September reached US $ 22 million and that the net liquid reserves barely scratched US $ 1 billion as of October 5, it is evident that the BCRA had no choice but to adjust the “exchange rate” once again. Far from being a basic solution, it only serves to buy time, since the market tends to rearrange “.
It should be remembered that last week 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).
BCRA, with a positive balance in October
With the purchase of this Tuesday, the Central Bank accumulates a positive balance of US $ 50 million in October, after two measures were established the previous Tuesday that tighten the grip on the financial dollar operation and limit the advance payment of imports during October.
Today was a day where the market maintained a level of business above US $ 300 million, which remains above the average for the month and the year, marking an operation within normal parameters.
In this way, it accumulates more than US $ 6.2 billion in the year. By October 2020, more than $ 400 million had been sold in six days.
During the wheel, the currency rose 15 cents cents in the wholesale segment to $ 99.09, after ending last week with an advance of 13 cents, in a round in which the excess supply in the market was absorbed by official purchases, which also sustained the price at today’s lows.
Highs at $ 99.10 and lows at $ 99.09 per unit marked the anchoring of wholesale dollar prices at the levels set for today by the monetary authority. The values stabilized from the start in the official range and remained unchanged throughout the day. The supply of foreign currency easily exceeded authorized purchase orders, giving rise to an intervention by the Central with purchases that absorbed the available surplus, also defending the new price floor.
In the retail segment, meanwhile, the dollar today fell six cents to $ 104.47 -without taxes-, its first decline in 10 wheels, according to the average of the main banks in the financial system. In turn, the retail value of the US dollar remained unchanged at $ 104.20 at Banco Nación.
“With no significant changes in sight, the projections for this week do not anticipate a different scenario than the current one, which is why the Central Bank is expected to continue buying currencies in the market, a process that began around the end of the previous week. “, highlighted the analyst Gustavo Ber.
In line with the Central’s purchases, gross international reserves rose US $ 58 million on Thursday to US $ 42,847 million (in the month they fell US $ 64 million).
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