MEP and CCL dollars fall for the fourth day in a row and the gap remains below 40%

The Financial dollars fall for the fourth consecutive day This Tuesday, July 30th and $1,300 is moving awayIn recent days, there has been a significant sale of corporate bonds, which is putting downward pressure on prices.

The dollar MEP drops $3.30 (-0.3%) to place itself in the $1,293.27for which the spread with the wholesaler, regulated by the Central Bank (BCRA), is located at 38.7%.

For its part, the dollar CCL falls about $5.74 (-0.4%) and positions itself in the $1,293.27. In this case The gap stands at 38.7%, the lowest figure since May 30.

Regarding Monday’s fall, Invertir en Bolsa (IEB) said they saw “quite a few corporate bond sales, especially at noon,” which gradually diminished as the hours passed.

Last week the BCRA announced new measures related to access to the different exchange markets, among which the following stood out: Reduction in payment terms for imports and the Authorization to buy MEP and CCL dollars for those individuals who received state aid during the pandemic or receive subsidies on utility rates.

“With this measure, all those people who were included in that category will be able to take out mortgage loans in pesos and access the MEP dollar to complete their real estate transactions,” the institution reported.

The market focuses on the amount of dollars in the BCRA

On the other hand, for two weeks now the monetary authority has been using reserves to intervene in the CCL price, with the ultimate goal of reducing the gap and also absorbing the $2.4 million it issued since April for the purchase of foreign currency in the official exchange market. However, Market sources say that the level of intervention has been significantly reduced in recent days.

Investors are cautiously watching the impact of this measure, as could put the accumulation of reserves at risk in the face of important maturities at a time when the level of export settlements begins to decline due to seasonal issues.

“With three days left in July, The outlook for the BCRA in the official market is not positivesince it is usually a net seller in the last rounds of each month,” said Portfolio Personal Inversiones.

“Going forward, his performance should worsen.given that the seasonality of imports and exports will continue to work against the accumulation of reserves,” he added.

Last Friday Gross international reserves hit their lowest level since March. Furthermore, analysts estimate that net reserves give a negative US$6 billion.

“For a few weeks now, the Country Risk has stopped falling and the BCRA has stopped buying reserves. These are two sides of the same coin, where the market is wondering How will the 2025 dollar maturities be addressed? without reserves and with an exchange rate that appreciates month after month,” warned economist Roberto Geretto.

However, he offered a blanket of hope for possible surprises “on the IMF side, a successful money laundering that brings in dollars, inflation that falls faster than expected, or a rate hike.”