This was how the dollar “counted with liquid” or CCL (operated with the G30) fell 69 cents (-0.3%) to $222.21. It accumulates a decrease of almost $11 since Friday. In this way, the spread with the official exchange rate was reduced to 111.2%. Throughout the first month of the year, the so-called “cable” dollar accumulated a up 9.7% or $19.78.
However, the MEP dollar or Stock Exchange (operated with G30) it rose $1.15 (+0.5%) to settle at $214.63, with which the gap widened to 104%. This exchange rate comes from registering an increase of 8.5% or $16.79 in January.
“The chips on the political scene were moved. A framework that requires the investor to remain cautious. A priori, all this that has been happening with the resignation of Máximo Kirchner from the bloc of Deputies is uncomfortable, because it generates uncertainty, in the midst of the agreement with the Fund “, He said Gonzalo Gaviña, Financial Advisor of PPI.
President Alberto Fernandez pointed out in television statements to C5N that “Máximo made this decision, tomorrow (for this Tuesday) we will be deciding who replaces him. There is a time when (…) I have to make a decision and I made this decision and I am convinced that I did it preserving the Argentine economy and I am convinced that it is the best agreement that could be achieved with the Fund”.
“Máximo Kirchner’s door slam is not surprising and is part of the complex path that the pre-agreement with the IMF must still travel. The treatment in Congress will surely be turbulent, forcing the Government to look for circumstantial allies to compensate for the potential loss of 18/20 field deputies and at least 5 senators”highlighted from Delphos Investment.
This Tuesday the country faced a payment to the IMF for some US$365 million with reserves from the Central Bank, which are at the lowest levels of the last five years.
Meanwhile, the Argentine country risk rose four units, to 1,727 basis pointsafter collapsing in the previous 5 sessions and after marking a historical maximum level of 1,969 units last week.
official dollar
In the wholesale segment, for its part, the dollar advanced 10 cents to $105.12, after increasing 2.2% in January, its biggest rise since March 2021.
The Central Bank sold almost US$50 million after ending last month with a selling balance of some US$130 million. The volume traded in the foreign exchange market it fell 40% to $161 million.
For its part, the savings dollar or solidarity dollar -retailer plus taxes- increased 33 cents to $183, given that the retailer -without taxes- rose 20 cents to $110.71.
In the ROFEX futures market, the dollar closed again with losses, this time close to 0.15%. At the end of the month, the currency ended with a rate of 34.34%, while at the end of March it reached 46.04%. “The futures markets once again exhibited declines in the implicit rates that arise from the price in the different terms, probably adjusting to the rate of adjustment that the official strategy seems to project in the first two months of 2022,” commented analyst Gustavo Quintana.
Let us remember that the Minister of Economy, Martin Guzmanexplained that the deal with the IMF does not foresee any exchange rate jump, something that helped to decompress in a certain way the high expectations of devaluation that prevailed in the market until last week.
The blue dollar increased $1 to $214, after scoring last week, before the announcement of the agreement with the IMF, a historical maximum level of $223.50, according to a survey by Ámbito in the Black Foreign Exchange Market.
The parallel dollar collapsed $10 last Friday in reaction to the announcement of the country’s agreement with the International Monetary Fund (IMF). Later, the informal dollar rose $1 on Monday.
Therefore, the gap with the wholesale exchange rate, which is regulated by the Central Bank, it grew slightly to 103.4%.
Starting from the sharp drop on Friday, the informal reduced its January advance to 2.4%, again lower than the monthly rate of inflation.
Source: Ambito
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