A month ago, the Minister of Economy, Luis Caputoit came out categorically in an interview to declare that “there are no pesos” to rule out the possibility of a exchange rate. Not to directly mention “volatility”, its diagnosis seems to have been fulfilled. They confirm it Three financial entities In dialogue with Scope to be consulted about How the demand for dollars evolved after opening the stocks.
“Transactions grew, especially during the first week. To have a reference, We go from operating between US $ 15 yu $ 20 million au $ 50 million. But that trend was not sustained“, detailed one of the sources consulted. Another, belonging to one of the ten main banks in the country, added:” The purchase of dollars increased significantly. In April alone, after the departure of the stocks, we sold US $ 28 million. Throughout the first quarter, we had sold just US $ 1 million “.
Another entity, meanwhile, He stressed that from the opening of the stocks there was an increase in the dollar savings ban. This last instrument is positioned among the options preferred by investors, in a context in which the exchange rate is maintained within flotation bands. In addition, the bank contributed that a Decrease in cash extractions.
In general terms, the entities agree that the demand for dollars shot in the first days, but then moderated. Undoubted Mass management of currency purchase operations. In addition to these two factors, the strong growth of the dollars in dollars, that benefits banks, since in some entities it generates an additional cost for customers.
The president of ADEBA, Javier Bolzico highlighted in his X account the following graph that can be read in the following ways: first, it is observed as before the announcement of the departure of the CEPO the dollar deposits showed a Descending trend within the framework of uncertainty for ads. However, after the departure of the stocks, there is an immediate and sustained leap in the deposits in dollars. Between April 14 and 20, the deposits grew by more than US $ 1,000 million, reaching levels above the US $ 30,000 million.
Endogenous dollarization or strategy to accumulate reservations?
According to a report by the LCG consultant, the agreement with the IMF and the exit of the exchange rate modified market expectations and generated conditions so that, at least in the short term, Continue the growth of deposits in dollars. “In a more volatile macro context, and with rates that are located above the (most limited) depreciation expectations according to Rofex’s futures, it is expected that the term placements in pesos will continue to grow,” says the report.
Facing possible ads this Thursday, The market maintains attention to the main question: how will the accumulation of reservations continue? One of the roads evaluated by the Government aims to encourage a greater circulation of dollars in the economy, as part of the process towards a possible “Endogenous dollarization.”
Within that framework, greater flexibility for the use of the so -called “mattress dollars” – that is, not declared dollars that are outside the financial system – could encourage their entry to banks. This would generate an increase in deposits in foreign currency and, consequently, of bank lace in dollars, which are computed within the gross reserves of the BCRA.
The question that is installed in the previous ads is clear: is it a strategy aimed at deepening endogenous dollarization or is it a tool to accelerate the accumulation of reserves?
Source: Ambito
I am a 24-year-old writer and journalist who has been working in the news industry for the past two years. I write primarily about market news, so if you’re looking for insights into what’s going on in the stock market or economic indicators, you’ve come to the right place. I also dabble in writing articles on lifestyle trends and pop culture news.
