While, the MEP dollar -operated with the Global 2030 bond- fell $1.21 at $387.63. Indeed, the gap with the official was located in the 89.5%.
The fall in financial exchange rates occurred in the midst of own exchange rate tensions and fears about the global banking reality, which hardens the positioning of risk investors. Since the weekend, rumors have grown in the market about an imminent exchange rate unfolding, given the fragile situation of the Central Bank (BCRA) reserves, in a very complex context marked by one of the worst droughts in recent decades.
Although from the environment of the Minister of Economy, Sergio Massa, they recognized that measures are being studied to face the shortage of foreign currency and the recent jump in inflation, they denied the versions of an exchange rate unfolding.
The BCRA, meanwhile, ended this Monday with a selling balance of some 261 million dollars due to the market’s own demand, the largest daily drop of currencies since mid-February last, while country risk climbed to its maximum in the last four months.
After the rise in the interest rate (three points to 78% per year) and the acceleration of inflation, and in the midst of the daily drain on reserves, the attention of the operators was on whether or not the BCRA will finally incline to accelerate the crawling-peg rhythm in search of aligning the variables. “The market is closely monitoring whether the BCRA complies with the IMF’s request, or if it resorts to the delay in an electoral year in search of not adding short-term pressure to prices,” said economist Gustavo Ber.
Beyond the low, financial dollars They were firm for much of the day, a process that could accelerate in the coming months given the shortage of dollars due to the drought and a growing search for coverage, they say in the market
In this framework, this Monday 680 million dollars of credits from the Development Bank of Latin America (CAF) and the Central American Bank for Economic Integration (CABEI) entered the reserves. “The credits enter without going through the market, that is why the seller balance” in the free exchange market, explained an official source. He added that “in the day, they accessed the YPF market for 20 million for the payment of an ‘ON’, Santa Fe for 26 million for a bonus from the province and (the energy firm) Enarsa for 262 million for the advance payment of LNG These payments were expected to be made and do not alter the BCRA’s forecast for the first quarter of the year.”
“Although part of the currency sales that the BCRA had during the day correspond to payments from the provinces and particularly from YPF, the average rate for this month is a currency sale of US$80 million per day, which would imply that this income would finance less than 2 weeks of average foreign exchange intervention,” they estimated from Aurum Valores.
Market sources stated that in addition the monetary entity It has already made three disbursements for 1,000 million dollars each of the current ‘swap’ with China. Before the end of the month, a fourth disbursement for another 1,000 million dollars should enter and a last one remains for April, all as part of the ‘swap’ for 18,500 million dollars in force.
“For companies that trade with China in local currencies, that is, that pay in yuan, the possibility of changing payment terms is being evaluated,” a bank spokesman said on condition of anonymity.
So, The BCRA’s gross reserves grew by US$342 million during the day and once again slightly exceeded US$38,000 million.
The Central also agreed to postpone the This week’s payment to the IMF (US$2.7 billion) pending further disbursements and Special Drawing Rights (SDRs).
Meanwhile, the final endorsement of the IMF board of directors is awaited to release 5,300 million dollars based on the objectives met by the fourth quarter of 2022, within the framework of the 44,000 million agreement signed a year ago by the government of President Alberto Fernández.
The country risk measured by the bank JP.Morgan yielded 0.7% to 2,372 points, after exceeding 2,400 basis points during the day, as at the end of last November, compared to a historical maximum level of 2,976 units noted in July 2022.
This Wednesday, The Treasury will hold a tender for bonds to cover maturities, which are mostly in private hands, commented analysts, after a recent exchange to clear short-term obligations.
“We expect inflationary pressure to remain firm in the coming months. BCRA intervention in the bond market will surely continue, as will the quasi-fiscal deficit and an eventual issue of a new soybean dollar, given the current velocity of money, at maximums of the last 20 years. The Government should accentuate monetary and fiscal policy so that inflation moves at a lower rate”, said Lucas Yatche, Head of Strategy and Investments at Capital Hare.
At an international level, attention to assets continues to be based on two guidelines: the continuation of the global financial crisis and the decision of the US Federal Reserve on Wednesday regarding its interest rate policy.
Qatar dollar price, Monday March 20
He qatar dollar -which includes 30% of the COUNTRY tax, 45% deductible from Income Tax and Personal Property Taxand a new perception of 25% to Personal Assets account- went up $2.62 to $423.70.
This exchange rate applies to consumption abroad with debit and credit cards over $300 per month.
Price of the tourist dollar or card dollar, Monday, March 20
The tourist dollar or retail card plus 30% of the COUNTRY Tax, and a perception of 45% deductible from the Income Tax and of Personal property for consumption with cards abroad of up to US$300 per month- advanced $2.29 to $370.74.
Savings dollar price, Monday March 20
The dollar savings or solidarity dollar -which includes 30% of the tax COUNTRY and 35% deductible from Income Tax Earnings and Personal Property– rose $2.16 to the $349.55.
Price of the wholesale dollar, Monday, March 20
The wholesale dollar, that directly regulates the BCRA, rose $1.19 (0.6%) to $204.53.
Price of the blue dollar, Monday March 20
He blue dollar increased $3 to $386 for saleaccording to a survey of Ambit in caves of the city of Buenos Aires.
Price of the crypto dollar, Monday, March 20
He Crypto dollar or Bitcoin dollar rises 0.5% to $395.64, based on the average among local exchanges reported by Coinmonitor.
Source: Ambito
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