For its part, the MEP dollar or “Stock Market” fell 0.1% (-18 cents) to $207.41. Last week it had fallen 2.2%, while since January 27 it exhibited a decline of 7.3% (-$16.34).
In this way, stock exchange rates recorded their first fall in three days and both were cheaper than the blue. The gaps with the officer fell to 101.6%, in the case of the CCL, and to 95% in the case of the MEP.
The rapprochement with the multilateral credit organization calmed expectations, although the pressures on the exchange rate are still latent. The high inflation and the low level of net reserves, at a time when the demand for foreign currency usually far exceeds the supply, force the BCRA to adjust the “crawling peg”.
The consulting firm Delphos Investment also pointed out that in recent days “complaints from industrialists for greater control of imports, which would aim to reduce the outflow of dollars through trade, have been known.”
At the same time, a foreign private banking agent added that “Argentina is negotiating a new currency swap with China to strengthen reserves.” However, he warned that, even with the Congress vote on the agreement, there are still several doubts to be cleared up and compliance with the agreed goals in fiscal and monetary terms still to be monitored.
This Tuesday the inflation data will be known January, which the private sector estimated at 3.8%, according to the latest Survey of Market Expectations (REM) of the BCRA.
“If an inflation record of between 3.8% and 4% for January is validated, the probabilities that the monetary authority will increase rates again increase sharply. in order to be able to deliver on the promise of positive real interest rates,” brokerage StoneX said.
Anticipating these data, the market requested a higher rate in the recent auction of debt in pesos from the Treasury. The Ministry of Finance ended up validating these increases and the rates for fixed-rate bills grew to the 52%/53% zone in annual and effective terms.
It is worth remembering that the participants of the REM projected an inflation of 55% for 2022. Likewise, the official dollar has already been advancing at an annual rate of over 40% and is approaching the rate of inflation.
official dollar
The wholesale dollar, which is directly regulated by the BCRA, began the week with a rise of 21 cents to close the wheel at $106.36. Buffered by a strong inflow of foreign currency from exports, the price climbed less than on Monday of last week.
The official comes from registering its highest weekly adjustment since the last week of February 2021. In this way, its performance for the last five days exhibited an annualized rate of increase of 44%.
This day, the entity led by Miguel Pesce was able to finalize its intervention in the official foreign exchange market with a net purchase of US$80 million, the most favorable balance in almost three months. Thus, it increased its accumulated positive result for the month to US$89 million.
“The improvement in the income of the agro-export complex was once again aligned with the official objectives to allow it to achieve a good result in terms of reserve recovery, always with the official expectation that this scenario will continue for the rest of the month,” said Gustavo Quintana , from PR Exchange Brokers.
Meanwhilethe savings dollar or solidarity dollar -retail plus taxes- climbed 56 cents to settle at $184.82 on average.
I followed all the dollar quotes in scope.com.
The blue dollar scored this Monday 14 February 2022, its second fall in the last three days, to return to $215according to a survey carried out by Ámbito in the Foreign Exchange Black Market.
Despite this new setback, the informal dollar returned to be the most expensive exchange rate in the market being located above the CCL.
In this way, the spread with the wholesale exchange rate, which is directly regulated by the Central Bank, fell slightly to 102.1%, the lowest since January 17, due to the acceleration in the rate of devaluation of the official, and the greater calm that the parallel has been exhibiting after the announcement of understanding with the IMF.
Source: Ambito
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