The gap between the MEP dollar and the blue dollar widened by $56 in one month. That encouraged many retail investors to turn to this exchange rate.
before the imminent primary elections next Sunday, which will define the presidential candidates of each political space, the investors analyze various scenarios based on what can happen at the polls. For example, the level of support obtained by the ruling party and the opposition can affect the prices of Actionsand of bondsbut also the management of dollar stock market.
In the case of leaving the ruling coalition weakened, it could increase the pressure so that the intervention policy about him MEP dollarwhich seeks to control the price of this exchange rate, which is the cheapest available to investors, including small savers who buy through bank or stock exchange accounts, and not counting the few who comply with all the necessary requirements to access the savings dollar quota.
Increase in the Blue-MEP gap
In recent days, marked by electoral uncertainty, the gap between the MEP dollar and the blue was expanded. This Friday, August 11, the parallel dollar operates at $607Meanwhile he MEP dollar trades near $540. so the gap between both exchange rates is positioned around the $65. If we take the data from July 11the gap was $9.36. This indicates a growth of the spread, in one month, of $56.42.
This increase caused many savers turn to the purchase of dollars through the stock market. For those who don’t know the functioning of the financial marketit is important to know that, when an investor has pesos and purchase MEP or CCLfirst acquire a title in pesoswait a day (parking), then sell that same title against dollars.
In that sense, the stock companies recognize that the increased volume traded through their platforms has grown exponentially in recent weeks. Many even allow you to buy this type of exchange with a click, making all the necessary operations and allowing customers to get dollars from positions in pesos.
It is worth remembering that, in this context, the National Securities Commission (CNV) changed more than a week ago some aspects of the operating with financial dollars. Measure restricted the purchase of bonds Global or Bonares in dollars in immediate cashor within 24 hours, if in the last 15 days the investor sold any of those bonds within 48 hours. However, the dollarization of portfolios did not stop.
What can happen to the MEP dollar after the PASS?
Ultimately, who supports this type of change is the Central Bank (BCRA)which intervenes in the market to maintain bond parities and prevent the dollar implicit in these transactions from rising significantly.
Maintain the value of the MEP dollar about $65 below the free exchange rate It is an effort that the monetary authority is making, at a time when its net reserves are negative. In that framework, and in the event that the ruling party does not receive clear support from the pollscan grow pressure to stop maintaining this type of intervention that thousands of savers are being used to dollarize at a more accessible exchange rate.
Likewise, in the event that the scenario that arises from the PASSED be positive for the ruling partywill subtract see if they are still willing to intervene financial dollar market so that its price does not increase, and the consequent pressure on the blue and prices in general.
Source: Ambito
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