In the trading rooms of Buenos Aires, a persistent echo resounded loudly: more than 20%. This percentage marked the gap between the value of the dollar MEP Senebi and the market area where the gates to the dollars they have no restrictions.
This gap, known as “exchange“, is a symptom of the country’s economic instability. The fact that corporations are willing to pay an extra cost 20% to be able to access the dollars indicates that they do not trust the financial system.
In this channel without limits or barriers, the price tested 660 pesos per dollar on Tuesday, while the cash with Senebi settlement reached the surprising mark of 810 pesos.
The swap dollar plot continued to be woven
In a turn of events, Wednesday brought with it a 6% increase for the MEP Senebireaching the 700 pesos per dollarwhile its counterpart, the cash with liquidation, fell to the value of 798 pesos. Although the swap went back to 14%, the figure still maintained its defiant nature.
A new strategy game
The numbers game hinted that, during the 20% peakthere were astute investors who capitalized on the opportunity to repatriate their dollars, thus obtaining an juicy 20% thanks to the margin: those who brought 100,000 dollars into the country saw that amount grow to 120,000 dollars.
The key was in the pause that the CCL made the day before, it was the key piece of the new vip roll. A wave of investors dumped their bonds in Dollars to acquire a 12% differencetaking advantage of the gap between the 670 pesos of the MEP dollar and the 750 pesos of the Lede dollar.
Thus, a new strategy game emerged. The tactic was to sell MEP dollars to acquire Argentine assets such as the AL30 in pesoswith the hope of an upward yield of the AL30 between 0.45 and 0.60 dollars from October to December.
Despite the existence of a 15-day waiting period (parking), confidence in the operation is palpable: investors take it for granted that the Government will continue to support the dollar bag through their interventions, especially in view of the upcoming elections.
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