Less restrictions on the dollar: what impact does the market see on the gap, stocks and bonds?

For their part, both The MEP and the CCL were quoted with slight variations this Wednesday, although unevenly. Beyond the first impact, the market is evaluating what effects the measures announced by the BCRA could have on the gap, Argentine stocks and bonds.

BCRA: easing of restrictions on buying dollars

Specifically, the monetary authority removed restrictions on accessing operations MEP dollar and the CCL, that the human beings benefited by it had some state aid during the pandemic or what They had a subsidy on consumption of public services.

With this measure, these people will be enabled to subscribe to mortgage loans in pesos and access to the MEP dollar to complete their real estate transactions for all those people who were included in that category.

In addition, the BCRA decided that it will be raised the amount that service exporters are not required to settle in the MULC and they will also be shortened the deadlines for companies that access the Free Exchange Market (MLC) to pay for imports.

Stocks, bonds and gap: what to expect in the coming days

For Andres Reschini, from F2 Financial Solutions, the decision of the BCRA “It is a good signal” for the market, so “the fact that today was A negative day for emerging markets and US markets, and we have the CCL and MEP relatively stabledoes not speak of a bad market reaction.”

“Yes it is true that we can see greater demand for foreign currency in the official, when the change in the import payment regime comes into effect, but at the same time contributes to a better fluidity of the real economy. I don’t think it’s a measure that brings tension to the gap per se”he added in conversation with this medium.

Meanwhile, for the economist Gustavo Ber“The impact would be positive on financial assets and the gapbeyond being overshadowed this Wednesday by the Very negative wheel on Wall Street“.

“Once the external climate has stabilized again, I estimate that The rebound that ADRs and dollar bonds had been experiencing in recent trading sessions would resumeafter the strong accumulated punishment. In terms of the gap, this could compress in the short term to around 35%equivalent to financial dollars close to $1,250″Ber added.

For its part, Joel Lupieri of EPyCA Consultantsconsidered that the restrictions that were removed to access the operations of MEP dollar and the CCLwould not imply “changes in what the gap is, since The buyers who can influence price changes (in the MEP and the CCL), and, in turn, the official, are people with great purchasing power“.

“I think that, on that side, it is about a marginal measure with respect to the reference price, both on the Stock Exchange and in the official one, because in itself The level of savings that Argentines usually have at the end of the month continues to be increasingly limited“, broad.

Finally for the economist Jorge Neyro, The reaction should be “positive” because “The Government took some measures in line with the dismantling of the restrictions.”