For its part, the MEP fell by 1.1% (- $ 2.12) to $ 195.98, which left a gap with the wholesaler of 93.1%, the lowest since November 15.
Investors await updates on meetings in Washington between representatives of the International Monetary Fund (IMF) and officials from the Ministry of the Economy and the BCRA.
President Alberto Fernández said on Wednesday that the government is negotiating “to reach an agreement” since the country does not want to “leave the world or breach our obligations.” “Our proposal is not not to pay,” he said.
Analysts believe that the possibilities of an understanding grow despite the differences between the parties on how to reduce the fiscal deficit.
It should be remembered that in 2020 the Argentine State has obligations with the multilateral credit organization for almost US $ 20,000 million, for which a virtuous agreement would alleviate the pressure on reserves and, therefore, on the exchange rate.
In this framework, the market monitors the evolution of the official exchange rate, which seems to be adjusting little by little to the rate of monthly inflation, after last week the president of the BCRA, Miguel Pesce, said that the entity planned to accelerate the ” crawling peg “when the inflationary process allows it.
The consulting firms and financial entities that participated in the latest Market Expectations Survey (REM) carried out by the monetary authority project an average monthly increase of 4% for the exchange rate, between December and May.
The private sector expects the currency to “correct” next year what it did not “correct” this year. In that sense, he estimates that the rise in 2022 will be 55.3% (to settle at $ 161), when in October they expected it to rise 51.3%. For the same period, projected inflation is 52.1%.
Meanwhile, the presentation of the government’s multi-year economic plan to Congress is awaited. Likewise, for next Monday, the Minister of Economy Martín Guzmán is expected to defend the 2022 Budget Law project before the legislators.
The dollar blue recorded the largest daily decline in a month, increasingly away from $ 200, according to a survey of Ambit in the Black Market of Foreign Currency.
Conditioned by a higher demand for pesos, something common at this time of year, but also by the expectation of an agreement between Argentina and the IMF for the debt, the parallel dollar fell by $ 2 and closed at $ 196. Therefore, the gap with the official exchange rate was 92.9%, the lowest since October.
Official dollar
The official wholesale dollar rose 12 cents this Thursday to settle at $ 101.54. So far this week it shows a rise of 38 cents (0.4%), which represents the highest growth rate since the end of April.
“The rise in dollar prices averaging the first half of the month is in the order of 1.82%, above 1.24% achieved last October. The announcements of the president of the Central Bank anticipating a slight acceleration in the rate of adjustment is being confirmed in reality, with increases that are far from the moderate corrections imposed until last month, “said Gustavo Quintana, from PR Corredores de Cambio.
The insufficiency of supply again required official assistance, with a daily net sale of u $ s90 million, which took the red of the week to $ 130 million. So far in December, there has been a loss of approximately US $ 330 million. Even so, in the accumulated of 2021 the Central shows a positive result of almost US $ 5.3 billion.
“The improvement in the exchange rate correction, accelerating its rate of adjustment, can stimulate the demand for foreign currency and simultaneously cause a slight drop in genuine supply, a factor that is not functional for the official strategy of recovering reserves in the last month of the year, “Quintana said.
In this context, During the session, the Government launched new incentives due to the lack of dollars, by formalizing a modification to the Investment Promotion Regime for Exports established in April, adding new benefits to investments in excess of US $ 500 million.
Gross International Reserves fell about $ 50 million on Tuesday to $ 41,249 million. In a context of growing devaluation expectations and unfounded rumors about a possible corralito for deposits in North American currency, the coffers of the monetary authority have fallen more than US $ 1.8 billion since the end of October.
“Private deposits in dollars ended last week at US $ 15,206 million. In the year they fell US $ 750 million, of which US $ 554 million left this last week as a result of false rumors about the corralito,” he said. financial analyst Christian Buteler.
Finally, this Thursday, the savings dollar or solidarity dollar – the retailer that includes 30% of the COUNTRY tax, and a 35% on account of the Income Tax – increased 63 cents to $ 176.98.
Source From: Ambito
David William is a talented author who has made a name for himself in the world of writing. He is a professional author who writes on a wide range of topics, from general interest to opinion news. David is currently working as a writer at 24 hours worlds where he brings his unique perspective and in-depth research to his articles, making them both informative and engaging.
