In the month that is about to end, the participation of the BCRA was key. While the MEP has accumulated a fall compared to July, the CCL was unable to break through the $1,300 mark.
The Financial dollars are trading higher on this last business day in AugustThe effects of the Central Bank’s (BCRA) intervention on the stock market are noticeable: the MEP is on track to record its second consecutive monthly drop, while the CCL cannot break through $1,300, despite having flirted with that threshold on several occasions.
He CCL dollar climbs $2.54 (+0.2%) this Friday to $1,291.58although the spread with the wholesaler goes back to 35.1%, a new two-week low. Meanwhile, the MEP increases $3.22 (+0.3%) to $1,274.55.
In it monthly accumulatedthe “cash with liquidation” registers an advance of $6.17 (+0.5%). On the contrary, the “bag” falls $18.78 (-1.5%).
Market sources noted that on Thursday BCRA intervention was observed again to contain the gap, although the private offer also increased. According to them, Wednesday was the second session with the highest participation of the monetary authority since this modus operandi began.
With this action, the monetary authority seeks to prevent a climate of exchange rate instability from generating pressure on price increases, within the framework of a strategy aimed at bridging the gap “from top to bottom”.
Slowing inflation, the primary objective of the Government
As with the intervention to contain the gap, the 10-point reduction in the PAIS tax rate starting in September also has among its objectives reduce the cost of imports and thus contribute to the slowdown of inflation.
“The nominal appreciation of the exchange rate for imports underlines that, in this ‘Phase 2’ of economic policy, the Government’s main priority is to reduce inflation quickly, even at the cost of sacrificing revenue and reserves. The reduction of the PAÍS tax could put further pressure on reserves and deteriorate fiscal accounts, which shows that the Government is prioritizing disinflation over a quick exit from exchange controls,” said Martín Mazza, Director of MM Investments.
Source: Ambito
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