“BCRA sales are related to the month-end closing, at which time the monetary authority must attend to the demand that needs to cover positions and close positions that expire on January 31,” analyst Gustavo Quintana told Ámbito. “The impact of the agreement with the IMF will have to be analyzed in the coming days after the sector finishes analyzing the news,” he added.
The issue to highlight in this session is the sharp drop in the implicit rate of almost four percentage points in future dollar contracts. “The announcement of the agreement could have generated a change of expectation in relation to a lower level of devaluation and that forced the operators to rearrange positions,” Quintana explained about the drop registered in this round.
In the ROFEX futures market, US$1,243 million were traded. The terms as of February had significant drops due to the news that the IMF did not ask for a devaluation in the arrangement. End of the month ended with a rate of 19.73% and February at 38.52%.
Savings or solidarity dollar
The savings dollar or solidarity dollar -retail plus tax- advanced 29 cents to $182.62. Thus, the gap with the blue was reduced to $33.
In the wholesale segment, the dollar advanced seven cents to $104.84, under the strict regulation of the BCRA.
Economist Gustavo Ber stated that “based on the understanding with the IMF, operators will continue to be attentive to possible adjustments in the ‘crawling-peg’ strategies and to the balances of the interventions in the reserves, in search of stopping the drainage of recent times “.
“The A positive initial reaction was also present among the financial and free dollars, which show a moderate contraction after the upward readjustment as a result of the uncertainty, and so it is that the ‘gap’ remains very high while the effects of the agreement are analyzed, including the ability to rebuild confidence among economic agents to moderate the search for coverage,” he added.
In the week that has just ended, the last plenary session of January, the wholesale exchange rate rose 50 cents, the same adjustment as that registered in the previous week.
The CCL dollar arbitrated by G30 fell 3% (-$7.06) to $226.11, for which the gap with the wholesale exchange rate, which regulates the Central Bank (BCRA) fell to 115.7%.
In the case of the MEP dollar operated via AL30, the price it fell 3.2% (-$7.09) to settle at $216.66.
The blue dollar sank $10 this Friday, January 28, 2022 in reaction to the announcement of the country’s agreement with the International Monetary Fund (IMF), according to a survey of Ámbito in the Black Market of Currencies.
The informal dollar fell 4.5% on the day to $212.50, its lowest value in more than a week. Thus, the parallel dollar accumulated a weekly low of $6.50.
In this way, the gap with the wholesale exchange rate, which regulates the Central Bank, dropped to 102.7%.
The recent uncertainty about the agreement had caused the dollar to shoot up in the alternative markets (blue hit $223.50 on Thursday), and had hit Argentina’s sovereign bonds-
The parallel dollar comes from registering its highest weekly rise in seven months: $9.50. Thus, the price shows an increase of $7 from its monthly minimum ($206), noted on Monday, January 3.
Let us remember that in December, the parallel dollar advanced 3.2% ($6.50), against monthly inflation of 3.8%, according to INDEC. Likewise, in the accumulated of 2021 it had an increase of 25.3% ($42), half with respect to the inflation of the period (50.9%). However, it is worth remembering that in 2020 it had shown a sharp jump of 111%.
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