The Financial dollars plummet sharply on the first day of official intervention to reduce the gap and remove pesos from the economy. Prices have again broken through the $1,400 mark and touched July lows in nominal terms.
The dollar “counted with liquid” (CCL) It sinks 7.7% to reach the $1,319.09. In this way, the gap with the official exchange rate falls back to 43%the lowest figure in almost a month. For its part, the dollar MEP falls by 7% to $1,317.07
The types of stock exchange changes They come from chaining four consecutive weekly increaseswhich raised the spread with the wholesaler regulated by the Central Bank (BCRA), from 40% to a peak of 56%.
In this context, the Government announced over the weekend that The monetary authority will begin to use foreign currencies that buys in the official market for intervene in the stock market.
What is the economic team seeking with the new measure?
One of the objectives of the measure is Eliminate the “tap” of peso issuance that occurs every time the BCRA acquires dollarswhether due to the liquidation of exports or for other reasons.
As an example, If the Central Bank buys US$100 today, it issues $92,250. What you’re going to do from now on is sell the equivalent of those pesos to CCL dollarswhich at current prices would result in a sale of almost US$68. The US$32 surplus would be kept by the entity led by Santiago Bausili.
With this action, the Government also intends to Increase the supply of financial dollars to lower their price, narrow the gap and improve the conditions for the exit from the currency controls in the future.
What are the risks of the intervention?
On the other hand, It puts the accumulation of reserves at risk and goes against the recommendations of the International Monetary Fund (IMF).
Former Deputy Minister of Economy, Emmanuel Alvarez Agis, He said that this decision represents a threat to exporters.“If the CCL falls, the export exchange rate will be reduced, which would make it better for exporters to sell foreign currency. If the threat is not effective, the risk is that the BCRA will start selling foreign currency and the gap will become ever wider,” he added.
In parallel, the director of the consulting firm PxQ added that this is a Bad news for bondholderswhich is why the Government had to improvise that it will use the pesos from the fiscal surplus accumulated during these first seven months to buy dollars from the BCRA to pay interest on the external debt for January 2025.
How much is the official dollar trading today, Monday, July 15?
In the official exchange market, the wholesale dollar increased $1 to $922.50.
How much is the dollar futures trading today, Monday, July 15?
In future dollar contracts, The price for the end of July fell 0.3% to $937. In August, the rate fell by 0.7% to $968, and in November it dropped by 0.7% to $1,100. By the end of the year, however, it fell to $1,155.
How much is the blue dollar sold for today, Monday, July 15?
He Dolar blue operates at $1,470 for saleaccording to a survey by Ámbito in the city’s caves.
Dollar card price today, Monday, July 15
He dollar card or touristand the dollar savings (either solidary) marks the $1,504.80.
Crypto dollar quote today, Monday, July 15
He crypto dollar or Bitcoin dollar operates to $1,434.52according to Bitso.
Source: Ambito
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