For its part, the MEP remains at $ 203.16. Consequently, the spread with the official price is 100.9%.
A technical team from the Argentine Ministry of Economy and officials from the central bank (BCRA) traveled 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 expires. 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 be accompanied by an economic plan that is short-term and allows a 2022 with better spirits “.
On the other hand, he commented that “the Central Bank stopped intervening in the AL30, which found its equilibrium. 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 stressed 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 rebuilding of the reserve stock will be key. “
Regarding the economic program, an SBS analyst highlighted that “the exchange rate 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
In a round with a record volume of more than US $ 1 billion, the Central Bank sold US $ 140 million in the foreign exchange market on Friday, thus accumulating a negative balance of more than US $ 200 million in the first three days of December. 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 drops two cents this Monday to $ 106.61 -without taxes-, according to the average of the main banks in the financial system. In turn, the retail value of the dollar at Banco Nación remains at $ 106.25.
The savings dollar or solidarity dollar -which includes a 30% of the COUNTRY tax, and a 35% on account of the Income Tax- falls three cents to $ 175.91.
The wholesale dollar, for its part, rises 19 cents to $ 101.35, under the strict regulation of the BCRA. Last week, the wholesale exchange rate rose 36 cents, against 34 cents the previous week.
Source From: Ambito
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