They assure that the intervention of the BCRA in the financial dollars fell to stop resenting the reserves

He Central Bank decided to reduce the volumes with which it intervened in the Bond market In order to try to control the gap that Financial dollars They have the officer. It should be noted that, at this time, The spred with the official exchange rate is around 15%,

From Aurum Securities, they estimated that during The second half of January the intervention would have been reduced to approximately US $ 340 millionbased on the official data of the variation of reservations and the monetary base.

This implies that about US $ 34 million were used for each day. “While it would have decreased with respect to what was exhibited until January 16 as published by the Central Bank, The intervention rhythm remains high. This happens despite the flow that continues to inject the Blend dollar and the improvement of the rate to pesos measured in dollars, which should favor the commercial trade trace, “said.

From Outlier They also confirmed that there was less intervention and said that this happens within the framework of a coin recovery of the region after a global strengthening.

From this report they do not rule out that “There is also local noise on the side of negotiations with the International Monetary Fund. “

“In recent days, fluctuations are observed based on the volume operated in AL30 and GD30. On Monday, in the midst of global tension, the negotiated amount climbed AU $ S113 million, from the US $ 83 million on Friday, and on Tuesday he gave Au $ S74 million, although on Wednesday Au $ 126 million, “they said from PPI.

Financials before lower intervention are emphasized

On Wednesday CCL exceeded $ 1,200 for the first time in four months and the gap between the MEP and the officer played maximum 2025in the middle of a tense climate in the exchange market. This happens in a context of strengthening the US dollar in the world and that puts in check the earnings of the winning investment at domestic level: the “Carry Trade”.

Leonardo Anzalonedirector of the CEPEC, said in statements to the field that there is an overreaction downward in exchange rates in recent months. “When analyzing the actual multilateral exchange rate, which is the best tool to evaluate the competitiveness of our currency, and when observing the current account, it is clear that devaluation pressures persist,” he said. Therefore, It is not strange that financial exchange rates tend to adjust up.

Anzalone also highlighted the importance of observing the impact of retention reduction. “You have to see if this measure effectively increases currency settlements,” he said. He recalled that 20% of exports are settled in cash, which, in theory, should generate a decrease in the exchange rate if greater settlements are achieved. However, since the retentions were reduced, this effect was not observed. On the contrary, The cash with liquidation recorded a constant increase, rising a little more every day.