“After having exceeded 220 pesos at the beginning of the month, the favorable seasonality generated by the effect of ‘personal property‘ -with investors repatriating assets from abroad to avoid the differential rate-, added to the increase in transactional demand for pesos -characteristic of the month-, push down the ‘CCL’ “, said the Cohen brokerage.
It is important to note that Liquid dollars in an account abroad are subject to an incremental rate (2.25%), while those held in the account of a local broker are considered in the country, since they are credits with the ALyC itself or with the Caja de Valores, so the tax rate is 1.25%.
The ‘cash with settlement’ (CCL) is the stock exchange method by which local assets are bought in pesos and settled in dollars abroad, with the reverse path for what they intend to bring money into the country.
The foreign exchange repatriation occurs despite economic uncertainty: slow negotiations with the IMF, high inflation, legislative rejection of the 2022 budget project and an over-issuance of funds to the Treasury, are just some of the issues that the country carries, after the defeat of the Government in the recent mid-term elections.
Last week the country paid about US $ 1,900 million in capital, so the net reserves of the Central Bank (BCRA) were approximately US $ 2,500 million.
Roberto Geretto of Fundcorp, stated that the resources “are insufficient to face the payments that Argentina must make in the first months of 2022, especially with the IMF.” “Hence the need for an agreement before March“, he said.
“The Net international reserves will return to near end-2020 lows by year-end, despite the commented positive current account balance, the persistence (and tightening) of exchange restrictions and the extraordinary income of SDR (Special Drawing Rights of the IMF for some 4.3 billion dollars) in September, “said the consulting firm Ecolatina.
Official dollar
The Today the dollar rose 20 cents this Monday to $ 179.94 -without taxes-, according to the average in the main banks of the financial system. In turn, the retail value of the currency in the National Bank advanced 25 cents to $107,50.
The Central Bank (BCRA) chained its tenth consecutive day without foreign currency sales, buying $ 25 million net on the first wheel after Christmas.
In this way, the authority achieved purchases for about US $ 65 million in the last 10 wheels, a meager amount but that contrasts with the losses suffered since the beginning of the month (US $ 330 million).
“The perceptible improvement in the income level of the agro-export sector allows the monetary authority to continue exhibiting positive balances due to its daily intervention, even in a context of low level of activity,” said analyst Gustavo Quintana. And he added: “the red of the month continues to decrease and moves away from the strong sales made last month, always in a scenario where the activity of the cereal complex has a decisive influence to moderate the losses of reserves of the Central Bank.”
In a scenario of low activity level, the currency again operated with a downward trend and with prices exhibiting a journey from high to low. The official activity, as always, limited the fluctuation of the values based on the parameters defined for today.
The highs were noted at the start at $ 102.58, 28 cents above the previous end. Revenues from abroad were accentuated during the development of operations, forcing successive drops in the price until reaching a minimum of $ 102.53, a value that was defended and partially corrected by the purchases of the Central Bank.
The saving dollar or solidarity dollar -which includes 30% of the COUNTRY tax, and a 35% on account of the Income Tax- It was up 33 cents to $ 178.10, after dropping eight cents on Thursday.
The blue dollar fell 50 cents to $ 203.50, according to a survey of Scope in the Black Market of Foreign Currency. Therefore, the gap with the officer dropped to 98.3%.
It should be remembered that the informal one last Thursday reached its highest nominal value since November 11, and that during the day it came to operate at an intraday peak of $ 204.50.
With this strong advance, the parallel dollar accumulated over the past short week a rise of $ 4.50, the most important since the end of October.
Source From: Ambito
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