He Economy Minister, Sergio Massa, announced that from this Wednesday the controls on the exchange market will be deepened, to prevent speculative maneuvers, after the blue dollar touched $600 this Tuesday. A few days from PASSEDthe Government moves to stop the jumps in the value of the currency.
The head of the Palacio de Hacienda linked the rise of the blue dollar with speculative maneuvers and said the controls will be tightened, with the intervention of the Financial Information Unit (FIU).
Regarding the behavior of the blue dollar, Massa pointed out that “it seemed to be going down, then the same rogues reappeared, who were playing around yesterday.”
“Tomorrow we are going to make them feel the rigor with all the instruments that the FIU has“warned the minister after the act he led in Tortuguitas with the CGTin support of his candidacy.
The minister recognized that the rise of the informal dollar “it upsets people” and said that “as long as the financial dollars and official have stability, speculative processes take place around that market”.
Massa thus confirmed the implementation of the table that was formed last Friday, during a round of consultations with officials of the Central Bank, the National Securities Commission (CNV), the UIF and the Ministry of Security.
At that meeting, “preventive” measures were agreed to monitor more closely the foreign exchange and financial market in the previous to the STEP.
A voice from the City comments to Ámbito that many operations were delayed because the caves were afraid of break-ins and they were very cautious for fear of being detected and, in this context, two very large financial companies that move large volumes in the market did not operate. “That led to a lower supply of the dollar and more demand, which may be one of the causes of the price rise today,” describes the source.
Why does the blue go up?
“I think we entered the final stretch pre STEP and the market intensifies the tendency to dollarize holdings. Demand has become somewhat stronger and, in a market that is somewhat smaller than the rest, its price can be expected to become more volatile”, he says in this regard. Gustavo Quintanafrom PR Exchange Operators.
As confirmed by Andrés Reschini, an analyst at F2 Soluciones Financieras, “this week was expected to be highly charged with tension” due to the elections and that it had an impact on the dynamics of the Dolar blue.
And it is that, as mentioned by the economist of Grupo Broda Elena Alonso, in the face of uncertainty, people tend to go to dollarize to the blue market. “Everyone covers up and buy at whatever price before the doubt of what could happen this Sunday in the elections”, he describes.
However, this dollarization trend It is also becoming present in the other dollar markets, such as the financial ones, and, on the other hand, the rate of evolution of the officer who leads the Central Bank (BCRA).
Source: Ambito
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