The CCL dollar is operating in a context of limited transactions due to the holiday in the US. The market is monitoring the BCRA’s intervention levels to contain the prices.
The MEP dollar starts September on the rise and is very close to matching the price of the blue dollar. Stock exchange exchange rates have been flirting with $1,300, a threshold they failed to breach in the last days of August due to the intervention of the Central Bank (BCRA) in the stock market.
After registering its second consecutive monthly fall, this Monday the MEP climbs $17.03 (+1.3%) to $1,296.99. For its part, the CCL advances $10.79 (+0.8%) to $1,309.16although it operates in a framework of few transactions due to the holiday in the US.
With these variations, The gap with the official reaches 37.4%the highest value since August 9. Likewise, prices are almost on par with the blue, which is currently at $1,310.
According to recent data from the BCRA itself, In July, more than US$300 million of the reserves were used to intervene in the CCL and the figure is estimated to have been higher in August.
In it Accumulated from last monththe “cash with liquidation” registered an increase of $12.96 (+1%). On the contrary, the “bag” fell $13.37 (-1%).
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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