The financial dollars loosened their bullish march this monday april 3 after playing during the day new nominal maximums, in a market where the Central Bank (BCRA) maintained the bleeding of reserves (it sold almost US$260 million), while the Government is expected to make official a new incentive for agricultural exports in order to recover effective dollars . That was how the MEP It reached over $400 for the first time, while the CCL drilled $410 in an unprecedented way, but they deflated over the hours.
The Economy Ministry will formally announce details of the new plan for soybean exports on Wednesday as it seeks to halt the loss of scarce foreign exchange reserves.
Indeed, in the Buenos Aires stock market, the dollar Cash with Liquidation (CCL)-operated with the GD30 bond- it advanced 26 cents (+0.1%) to $406.80, after hitting an intraday high of $410.90. Indeed, the gap with the official was 93.4%.
For his part, he MEP dollar or Bag -operated with the GD30 bond- it fell 43 cents (-0.1%), to $396.94, after touching $401.64 in the first part of the day. Thus, the spread with the official reached 88.7%.
In the parallel market, in turn, the blue cedi dollaror $3 (-0.8%) to $392 for sale, according to a report of Ambit in the parallel market.
“Financial dollars continue to seek to challenge $400 since it does not solve the exchange imbalance in the background, which is the engine of the upward readjustment in an economy with a high nominal value in the background, but at least it could provide temporary relief that helps to calm down the tensions”, commented an operator.
The Government’s decision to resort to a new ‘soybean dollar’, the third since Sergio Massa took over the Economy portfolio last August, is generated by the financial difficulties that the country is going through aggravated by the prolonged drought that hit the rural sector. The Argentine agro-export companies liquidated 1,229 million dollars during March, which represented a sharp collapse compared to liquidations of 2,984 million dollars in the same month last year.
“We believe that the announcement of the ‘agro dollar’ measures by the Ministry of Economy on Wednesday will be decisive, since it could bring some calm to the dramatic situation that the BCRA coffers are going through,” said Portfolio Personal Investments.
“The supposed new dollar for soybeans and regional economies is another sign that the exchange market is still not closed,” said Fundcorp’s Roberto Geretto. “This new scheme, unlike the previous soybean dollars, promises fewer dollars and more inflation due to the effects of the drought and because products with some weight in the CPI (retail price index) are added,” he estimated.
Given this scenario, the Central Bank (BCRA) ended the first round of April with sales of US$259 million to meet the needs of the market, which represents the third largest daily negative balance of 2023. According to market sources, the purchase from YPF for US$286 million to cancel a payment from an ON impacted official sales.
“While the currency drain extends, in the midst of a critical level of net reserves, operators continue to await the details – and implementation – of the ¨agro dollar¨ since beyond representing only an advance in any case it would be a relief in the current delicate context,” said a market operator.
To some relief for the BCRA, the IMF executive board said on Saturday that with the approval of the fourth revision of the extended facilities agreement in favor of Argentina the modification of the goal of net reserves recorded by the BCRA was supported.
Qatar dollar price, Monday, April 3
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 $1.40 at $434.88.
This exchange rate applies to consumption abroad with debit and credit cards over US$300 per month per person.
Price of the tourist dollar or card dollar, Monday, April 3
He tourist dollar or card -Retailer 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 $2.10 to $380.52.
Savings dollar price, Monday, April 3
He savings dollar or solidarity dollar -which includes 30% of the tax COUNTRY and 35% deductible from Income Tax Earnings and Personal Property– scaled $1.98 to $358.78.
Price of the wholesale dollar, Monday, April 3
The wholesale dollarwhich is directly regulated by the BCRA, rose $1.36 to $210.37 for sale.
Price of the crypto dollar, Monday, April 3
He Crypto dollar or Bitcoin dollar down 0.6% to $395, based on the average among local exchanges reported by Coinmonitor.
Source: Ambito
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