Friday , August 19 2022

The dollar fell 1.5% to $ 41.13 (the government's plan to empower it for a 27-ounce pressure)


The measures have created expectations of lower pressure on the financial and foreign exchange markets. With this, The dollar fell 63 cents this Friday and closed at $ 41.13 in the agencies and banks of the city of Buenos Aires, according to the average During the week, the ticket fell by $ 1.14.

In the unique and free stock market (MULC), the currency gave 77 cents at $ 40, so he returned to the floor in an area without intervention, today to $ 38.99 (the ceiling is $ 50.46).

In this context, The Central Bank has confirmed a slight increase of eight basis points in the interest rate of the liquidity account (Lelik), which remained at an average of 63.744%.

Through the two tenders listed in this round, the monetary authority granted a total of $ 204,863 million, which released $ 1,328 million on the market due to the expected maturity of $ 206,191 million.

In the second tender, the average rate was 63.90%, with an increase of 30 basis points compared to the first, due to the fact that the average rate of cutting the first operation was 63.609%.

Fernando Izzo, from ABC Mercado de Cambios, pointed out that "this weakening of the dollar was expected, in the day of adjusting the positions of banks and investors, even if it was considered that the yield of Lelik was almost the same as on Thursday, restrained by the official announcements. "

During the round, the North American currency was operating with a pronounced weakness and suffered the most significant backlog of the week that ended, with a decline of $ 1.20.

The maximums were recorded with the first transaction agreed at $ 40.45, thirty-two cents below the price recorded in the previous closing. The product of an order for the sale of income from abroad was putting pressure on the price of the wholesale dollar, which led to a perforation of 40 dollars until a minimum of $ 39.85 at the moment of higher intensity of the offer.

Already at the end, a smooth recovery has re-established values ​​over $ 40, the level that has remained the end.

"The measures it provides The central bank was able to dismantle the pressure on the stock market, creating a downward revision that sometimes returned to the level of early Marchanalyst Gustavo Quintan said.

He added that "expectations of renewed flows of exporters' revenues, expected at the end of next week, also affected the re-creation of peace-keeping scenarios that are contrary to the tensions caused by strong growth in the previous week."

A new plan

On Thursday, President of the Central Bank Guido Sandleris announced additional measures aimed at further reduction of working capital, which consists of expanding the target 0 of the monetary base growth by the end of the year, eliminating seasonal adjustment in June and setting a lower monthly growth limit for the non-interventional exchange zone.

Sandleris said that, along with these monetary policies, in the coming weeks the Executive Branch will send Congress a law on the reform of the organic charter BCRA.

The main points of the initiative will aim to "establish that the Central Bank's priority objective is stability," in such a way that this obligation becomes an inevitable mandate for this institution,

This will be added to the explicit ban that the Central Bank finances Treasury, "something that is already happening now and what is important" contained in the Charter.

To such an extent, the measures organized by the Monetary Policy Committee were to: expand the growth target of 0 monetary base by the end of the year; to achieve a permanent overdraft of the monetary base achieved in February and to establish that the boundaries of the non-interventional exchange area will increase by 1.75% in the second half of the year.

Earlier, The finance ministry has confirmed that Argentina will sell $ 60 million from its program with the International Monetary Fund (IMF) and debt issue from April for a total of 9.6 billion US dollars by the end of the year..

The information, which was expected by the market, was originally published by the media quoted by Finance Minister Nicolas Dujova.

The government will make the sale of the dollar in order to get the necessary funds mainly for financing the running costs, as determined by the agreement between the country and the multilateral organization.

Speaking to reporters, Dujnovy emphasized that the goal is to sell dollars to pay state expenditures on the pesos, but not to cover demand for foreign currency in the foreign exchange market, which is not envisaged by the latest Argentine arrangement with the government. IMF

Other markets

On the other hand, in the informal market, Blue is stable at $ 41According to a study of this media in caves in the center of Buenos Aires.

In the money market between banks, the money from the call was on average 55%. In foreign currency waves, $ 163 million was agreed to borrow and / or pledge funds in pesos, by buying and selling dollars for the following Monday and Tuesday.

In Roefek, where $ 844 million was operated, 53% were agreed between March and April at a final price of $ 40.7650 and $ 44.40, with rates at these prices of 43.63% and 47.61% of TNA .

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