Effect of the cepo and crisis: in May there were 4 times more people selling savings dollars than buying them

Effect of the cepo and crisis: in May there were 4 times more people selling savings dollars than buying them

As a consequence of exchange rate traptaxes that increase prices and the deterioration in the purchasing power of the population, In May the number of people who sold dollar “savings” quadrupled the number of buyers.

According to a report published this Friday by the Central Bank (BCRA), during the fifth month of the year 207,000 individuals sold their dollars in the official retail exchange market, while only 52,000 They bought foreign currency for “hoarding.”

In parallel, For the third consecutive month, the total amount of sales exceeded the total amount of purchases (US$13 million against US$8 million). Thus, in the first five months of 2024, the Formation of External Assets (FAE) for operations of “natural persons” showed a positive balance of US$10 million for the BCRA.

Today the retail exchange rate is $930.50. However, the exchange rate that savers can access without too many complications includes an additional 60% surcharge for various taxes, which is why The effective value currently amounts to $1,488.80.

In addition, it is worth remembering that the quantity restriction is still in force, which indicates the people They can only purchase US$200 per month.

Added to all this is the socioeconomic context, with an increase in unemployment and a deterioration in real wages, two factors that took away the population’s savings capacity and even led to need to sell savings to make ends meet.

On the other hand, it is worth noting that the general accumulated result of the FAE from operations of the non-financial private sector was US$440 million, which made this component of the exchange balance the second one that contributed the most dollars to the monetary authority. behind the positive result from trade in goods.

Why should you buy the MEP dollar?

Although the gaps between the savings dollar and the parallels have been reduced in recent months, the former still remains the most expensive exchange rate on the market since The MEP closed June at $1,347.96 and the blue one is currently trading at $1,365.

The MEP dollar is not only more attractive than “savings” because of the price but also because it has no restrictions on quantities. The operation to acquire these two exchange rates does not vary too much since both can be purchased at a trusted bank, with the simple opening of a dollar account. The additional step to buy the “stock market” dollar is the opening of a custodian or client account, which is what allows trading stocks and bonds.

The MEP can also be obtained through a brokerage company. In some cases, financial entities carry out the entire operation, while in others it is the person who must first buy the Global 2030 (AL30) or Global 2030 (GD30) bond in pesos, and then sell it in dollars, respecting the 24 hours. of “parking” (time in which the title must be immobilized).

Source: Ambito

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