Thursday, February 2

CCL dollar cut streak of 6 consecutive losses and MEP touched 2-month highs

For his part, the MEP climbed 0.8% ($1.65) to $204.11, highest nominal value since November 24, 2021. The spread with the official grew to 96.1%.

The net reserves of the monetary authority are located just over US$2,000 million, in a context of lack of access to international markets. Therefore, the negotiations with the IMF take on great relevance, taking into account that in the first quarter the maturities with the organization are close to US$4,000 million.

“A volatile market is expected in the coming weeks, especially without rumors of a rapprochement between the government and the IMF,” estimated the stock exchange company Portfolio Personal Inversiones.

For its part, the consulting firm Delphos Investment estimated that “negotiations with the credit institution must have a significant dose of pragmatism to reach an agreement before the maturities of 2,800 million dollars on March 21 and 22.”

In this context, the Argentine foreign minister, Santiago Cafiero, will meet on Tuesday with the secretary of the United States Department of State, Antony Blinken, to seek political support for the talks with the multilateral credit organization, which for the time being are hampered by differences in tax matters.

Official dollar and Central Bank

The wholesale dollar climbed 28 cents this Monday to end at $104.10, in a day with a low level of activity due to the impact of the holiday in the US. The official exchange rate is headed for a monthly rise of more than 2% in January, something that has not happened since March 2021.

Market sources said that the price operated this day with stability and little fluctuation, always within the range established for today by the BCRA.

“The holiday in the United States restricted local operations, limiting it to those operations carried out against dollar accounts that financial entities have in the Central Bank and those that can be settled as of tomorrow, when activity normalizes,” they said.

For the third day in a row, the monetary authority ended its intervention in the foreign exchange market with a neutral balance. So far in January, it has been able to buy more than US$200 million, in net terms, helped by the higher income of foreign currency from the fine wheat harvest.

Last week, the agro-export complex totaled revenues of US$643.4 million, according to market sources.

Even so, reserves accumulate a decrease of US$367 million in this first month of the year, mainly due to debt payments with private bondholders.

The savings dollar or solidarity dollar -which includes 30% of the COUNTRY tax, and 35% on account of the Income Tax- it rose 41 cents to $180.61.

The blue dollar fell this Monday, January 17, 2022 from its maximum historical record, according to a survey by Ámbito in the Black Foreign Exchange Market.

The informal dollar fell 50 cents to $209. Therefore, the spread with the wholesale exchange rate, which is regulated by the Central Bank (BCRA), stands at 100.8%.