The Financial dollars rise again this Friday July 12 and consolidate above $1,400. In this way, the quotes are on track to record their fourth consecutive weekly advance, although they remain behind the price of the blue, which reached a nominal record of $1,500 on the day.
The dollar “counted with liquid” (CCL) increases 1.1% ($15.39) to be located in the $1,429.81With this variation, the so-called “cable” dollar chains its third daily increase in a row and accumulates an increase of 2.7% ($37.43) in the week.
For its part, the dollar MEP climbs 1.5% ($21.18) until the $1,424.51. Compared to last Friday, the currency rose by 2% ($28.27).
Reserves, lifting the currency controls and inflation, the issues that concern the market
This week The Government paid US$2.550 million in the form of debt to private bondholders. This caused a fall in reserves, which on Wednesday hit their lowest value since May 10.
Although these maturities were already scheduled, doubts still persist about the strength of the Government and the BCRA to sustain the “crawling peg” of 2% per month and the “blend”, a scheme by which 20% of exports are settled in the CCL market.
However, a couple of weeks ago, the Minister of Economy, Luis Caputo, and the president of the BCRA, Santiago Bausili, confirmed that these policies will be maintained and that the lifting of the restrictions will occur at a later stage, when macroeconomic conditions improve and a path of sustained growth is foreseen.
“We are in the recovery stage, we left intensive care. The free exchange rate will converge to the official rate due to scarcity and that will be a better time to get out of the currency controls.“, Caputo said in radio statements.
Meanwhile, the International Monetary Fund (IMF) said on Thursday that preliminary data from Argentina suggest fiscal and reserve targets continue to be met, and that there have been “very positive developments” since the previous review.
The international lending body said the talks with Argentine officials were related to the current programme and any new programme would be discussed when formally requested.
This Friday, INDEC will release the official inflation data for June, which the market estimated at 5.2% According to the Central Bank’s latest REM, Caputo is hopeful that the figure will be below 5% and that core inflation (which does not take into account seasonal factors or regulated prices) will be around 3% sooner rather than later.
Source: Ambito
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