The wholesale dollar scored its greatest daily drop in more than a month, despite the adverse global context. The decrease in exchange rates was given while an increase in liquidation by exports of the agricultural sector is observed, before the government re -stables withholdings.
Last week, US $ 960 million entered for field sales. Operator Gustavo Quintana told this media that “It is likely that part of that has negotiated today” and that a higher daily currency income is expected in the official market product of the short week.
“Soja settlements are the highest of the year these days (holidays pile up the liquidation before 30/6, the last day of the current scheme of retentions). 25% are coming from May“said Finance Mr. Juan Manuel Palacio.
For its part, the Central Bank (BCRA) reinforces its reserves after the entry of the last repo and the new tender of the Bonte that captured U $ S500 million. All this while inflation takes up its deceleration path and an upcoming visit of another mission of the International Monetary Fund (IMF).
Globally, investors keep caution in the world due to climbing in the war between Israel and Iranwhich affects a region that concentrates much of the oil supply throughout the planet.
In this context, the exchange rate wholesale officer sank $ 22 (-1.9%) to the $ 1,160 for sale after descending $ 3.50 last week. It was the greatest setback since May 7.
For its part, the Official dollar Retail operated to $ 1,146.18 for purchase and $ 1,189.61 for sale In the average of the financial institutions published by the Central Bank (BCRA). Meanwhile, in the National Bank The ticket remained $ 1,150 for purchase and $ 1,200 for sale.
In A3 markets, The future dollar contracts registered important setbacks in all their deadlines, to the bound of the decrease in the official exchange rate. With the new values, the market “Price” an average monthly increase of 2% for the second semester.
He dollar Bluemeanwhile, went up $ 15 and sold to $ 1,205according to a survey of Scope In the City’s caves, the MEP yields 42 cents to $ 1,191.32, and the CCL Trepa 66 cents to the $ 1,201.03. The gaps revolve around 3.5%/4%, a maximum level also since the beginning of May.
The Supreme Court of Justice ratified the sentence to six years in prison and perpetual disqualification to hold public office against the former president Cristina Fernández de Kirchner. The defense of the leader The PJ has already requested the house prison without electronic bracelet and the notification to justice is expected to be carried out by zoom.
BCRA measures
The Minister of Economy, Luis Caputoand the president of the Central Bank (BCRA) Santiago BausilI gave more details of the measures that the monetary entity announced and that include the end of the Lefisand various strategies for the accumulation of reserves such as A new repo and debt placements.
Within the ads it was also reported that it will be made A repurchase of sales options (puts) on treasure titles held by banks. In that sense, Bausili said that they are in total 4.5 billion pesos of American puts and 1.3 of European puts that will offer banks the opportunity to sell these instruments to BCRA again.
Regarding the decision of Do not renew the Lefis, The president of the BCRA said that this happens within the framework of the “Elimination of the monetary policy rate” And that from now on, The only variable that we control is the amount of money in a scheme with controlled emission.
From the market, analysts see with good eyes the central bank’s turn towards a monetary scheme based on aggregates. “The measures go in line with a more coherent monetary policy strategy, focused on the control of aggregates and not on the rate as an anchor,” He held Scope AUXTINA MAQUESYRA, Sailing Investment Commercial Manager.
In that sense, he remarked that “The interest rate becomes endogenous, which is consisting of a context where its role as a signaling instrument had been diluted.” For the specialist, the new framework “More conventional and flexible” It allows the BCRA to act more accurately, using tools such as Lecaps placements in the open market. “We positively value this approach, since it is aligned with the stability and coherence objectives in monetary conduction,” He stressed.
Reservations
International gross reserves fell others u $ s33 million, to the U $ 38.602 millionsafter having risen more than US $ 1 billion on Wednesday due to the entrance of the foreign exchange of the Bonte issued by the Treasury last week.
He International Monetary Fund (IMF) postponed the mission to Argentina for July for the mid -June, where the government should demonstrate an extra accumulation of U $ 4,400 million BCRA reservationswithin the framework of the recent agreement by U $20,000 million With the credit organism.
The BCRA launched A battery of measures among which are the Confirmation again repo (short -term loan) with financial entities, and the launch of Monthly bond tenders in dollars, For both resident, foreigners, in the latter case, without the minimum permanence of six months, to swell reserves.
Although, Caputo said that the government speaks “constantly “IMF and “They are very happy with how the program works.” “The accumulation of reservations does not have the level of importance that had a few months ago, since today we are with a floating exchange rate and a capitalized central bank. Both the downward inflation and the accumulation of reserves are two obvious consequences that will be given“He added.
Source: Ambito
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