For his part, MEP it rose 1.5% ($ 3.08) to $ 203.25 on the week (stable on the day). Consequently, the spread with the official price rose during the week from 98.6% to 100.9%. During the previous week, both prices had ended in decline.
A technical team from the Argentine Ministry of Economy and officials from the central bank (BCRA) will travel to Washington on Saturday to hold meetings with IMF staff to seek a point of agreement.
Specialists estimated that The agreement with the IMF could be finalized before December 22 when a payment to the organization for about US $ 1,880 million is due.. While an official source told Reuters there is no set date. “Not for now. It is supposed to be on the right track, but we will have to wait,” he said.
Gonzalo Gaviña, from Portfolio Personal Inversiones, stressed that “it will be key to see the fine print of the agreement. There is still not much information about it, but it is known that it will be important that it comes accompanied by an economic plan that of short term air and allows to have a 2022 with better spirits “.
On the other hand, he commented that “the Central Bank stopped intervening the AL30, which found its balance. While financial dollars are waiting for a reaction: if we have an agreement with the IMF, some downward pressure could be observed“.
“But on the contrary, if the meeting on Saturday does not prosper, we could see increases in its price. Today, $ 200- $ 210 is a price that achieved stability, but we have to see what incentives and what reactions it will have from the next measures of the government and the result of the agreement -or not- with the Fund, “he added.
From Grupo SBS, they highlighted that “the exchange rate plan will be one of the keys to the program. The high exchange rate gap limited the ability to take advantage of the favorable terms of trade in 2021. We believe that a program with the IMF will imply the abandonment of the exchange rate anchor as well as a higher real exchange rate, with an acceleration in the rate of crawling peg as the most likely policy in the short term. Likewise, the recomposition of the reserve stock will be key. “
Regarding the economic program, SBS analyst highlighted that “the exchange rate plan will be one of the main challenges for Argentina when it comes to setting a path to macroeconomic stabilization “.
“Despite very favorable terms of trade, with a high trade surplus (which was maintained in October), tensions persist, with an exchange rate gap motivated by high issuance. This causes few sources of supply of dollars and several of demand, which which, at the end of the heavy harvest, led to BCRA sales both in the MULC and in futures and via operations with bonds, giving rise to a negative trend in net reserves “, they added.
Central Bank Sales
On a wheel with record volume of more than $ 1 billion, The Central Bank sold US $ 140 million in the foreign exchange market, thus accumulating a negative balance in the first three days of December of more than US $ 200 million.. Let us remember that, in addition, in November it had sacrificed some US $ 890 million of its reserves.
The insufficiency of the offer once again required official assistance, generating new negative balances for the control authority, which in the first days of the month accumulated sales of US $ 200 million, reducing the annual accumulated to just over US $ 4,500 million. net purchases for exchange regulation actions.
Official dollar
The dollar today advanced 46 cents to $ 106.63 (+3 cents today) -without taxes- in the week, according to the average of the main banks in the financial system. In turn, the retail value of the dollar at Banco Nación remained at $ 106.25.
The savings dollar or solidarity dollar -which includes 30% of the PAÍS tax, and a 35% on account of the Income Tax- rose 76 cents to $ 175.94 in the week.
The wholesale dollar, meanwhile, rose six cents to $ 101.16, under the strict regulation of the BCRA. Thus, in the week that just ended, the wholesale exchange rate rose 36 cents, against 34 cents the previous week.
“The variation in the rate of adjustment of dollar prices has been very slight this week, which is why we will have to wait the next few days to see if the announcement made by the president of the Central Bank is verified in practice, anticipating a probable rise in the rate of adjustment of dollar prices, “said analyst Gustavo Quintana.
With a record volume of operations (US $ 1,031.41 million), the last round of the week exhibited the US currency trading with ups and downs and with price variations, always directed by the intervention of the Central Bank.
The authorized demand was installed early in the sector where banks and companies operate, pushing successive increases in prices that, from initial values of $ 101.16, reached highs of $ 101.20 in the middle of the morning. The intervention of the Central Bank corrected the level reached with sales that were generating low prices until reaching a minimum of $ 101.14 at the beginning of the last tranche of the day. At the end, the values recovered slightly to settle in the range registered at the close of operations.
Source From: Ambito
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